I used the MFK search engine and this is what I found for you. I hope it helps in what you're looking for to answer your question, as to "what do I do now?"
http://en.wikipedia.org/wiki/Parachromis_managuensis
Breeding can be achieved with very little effort and no specific requirements are needed for such purposes. As long as water conditions are maintained at a desirable high quality, a breeding pair of jaguar cichlids will readily spawn. To enhance the likelihood of acquiring a breeding pair, purchase several healthy and active juveniles at a young age (between 6 and 10) and grow these specimens until sexual maturity. Generally, you should be left with a breeding pair or two. These fish will noticeably become more aggressive and territorial, Remove all other fish at this point and keep the newly formed breeding pair separate. When a breeding pair had been successfully established,The male will begin to court the female by displaying his erect finnage as he tries to impress her in an attempt for her to accept his mating invitation. The pair will begin to clean a flat surface if the female is responsive of the male's previous courting behavior.The female with then lay approximately 1000–2000 orange coloured eggs which will then be fertilized by the male. The eggs will be ferociously guarded by both parents and a high degree of parental care is shown to the eggs and fry. When the eggs 'hatch' after approximately 5 to 7 days, the offspring (known as wrigglers at this stage in development) are defenseless and are unable to swim. They are often transported to pre dug pits by both parents, and are guarded. The fry will begin to swim in approximately 7 days and should be fed with baby brine shrimp or alike. If you would like to rear these fry, they should be removed at this point as they will later be consumed by both parents as the female becomes due to spawn once more. Feed the fry baby brine shrimp until the stage where they are large enough to consume blood worm, daphnia and other live foods. When purchasing fish in an attempt to acquire a breeding pair, try to buy fish from different sources. There is a high probability that when buying fish from the same source, Fish will be from the same parents (Siblings). This should be avoided, as breeding fish in this manner may form offspring with genetic disease usually associated with interbreeding. Also, buy fish of a similar size, the chances of acquiring a breeding pair with fish of a similar size is significant to that of attempting to breed fish of different age and size.
I also found additional googled info which also stated the fry can't tolerated degraded water quality, a lack of oxygen, and inadequate filtration. The enhancement of these three items, will cause maximum/optimal growth. Jags grow fast on par with most other cichlids except for Oscar's. They grow at a rate of 9 to 12 inches, in 12 months time, depending on how much they fry are fed and their tank size. Jags are aggressive and will kill each other and other tank mates, in a tank too small. A 100g tank minimum is recommended. 180g to 200g when they reach 1.5" to 3" in size. It will then come down to where you will need to sell them to LFS in and around Portland, OR, and throughout their metro areas like Lake Oswego, OR City, Tigard, Salem, and across the border to the north like Longview/Kelso, WA; Vancouver, WA, etc. Just do your homework (local yellow pages) for the LFS and you might put an add on MFK as well. Keep in mind though, the Parents are good parents with their fry. When and if they breed again, before the first batch of fry are gone, you may want to remove the fry from the first batch to prevent any losses.
I hope this helps in resolving this current issue. I wish you the best of luck with your newly hatched fry. ~ David.
