A rather interesting press release came across the wire this afternoon. A Miami-based micro cap just reported that the National Register of Foreign Commercial Representatives of the Chamber of Commerce of the Republic of Cuba as issued the company a license to legally operate in Cuba as a U.S. business. The licenses is valid for five years unless otherwise renewed. Shares of Fuego Enterprises, Inc. (OTCPK:FUGI) absolutely skyrocketed following the exciting announcement.
Fuego is engaged in providing media platform focused on creating and publishing original content about and from Cuba directly with distribution on both sides of the Florida Straits. Its products include magazines and portals. The company publishes two magazines, including OnCuba and ART OnCuba, which are monthly and quarterly bilingual magazine publication with national distribution. Its magazines are distributed through Barnes & Noble stores in the United States, as well as in Cuba. In addition, it is also engaged in entertainment, telecommunication, travel and real estate related activities.
Traders were bullish on the news as shares climbed up to $0.50/share (+284.62%) following the announcement. It should be noted that this stock is relatively illiquid, so each large move should be taken with a grain of salt. Regardless, a major feat for this micro cap.
