It's not so easy to get a good contract these times!
We did our first album for Atrheia Records (the personal label of Labyrinth and Angra manager) and it seemed that we were about sign with CM for some period but then nothing...
Music buisness is in true crisis, there's no more money to be spent in young bands, even if (as everyone seems/seemed to think 'bout us!) you are "one of the most interesting bands coming out from Italy"...
We ended recordings of our second album and just started the "painful" process of finding a good (hopefully big) deal for that and our manager told us again that it will be hard work, also if we have a good first album, a great second second album, a good name (especially here in Italy) and good friends here and there in the music buisness and press...
The only thing I learned in my (little) experience is that nowadays, if you want to have a chance to get signed, (aside from playing live, get a good reputation and make some friend at labels
... as everyone told before) is that you have to propose to labels a complete work, the master of you debut album, ready to be printed: sad but true, that way you reduce their risks to near zero and you give them the possibility to have in front of them exactly what they'll publish... as a friend told me some time ago, it's hard that a smart label mamager refuses to print a great , READY, album!
Of course your band and your album have to be KILLER, but that's not your problem: you did truely an amazing job with your demo!