Complex sentence: In 1986 the Fluid released their first album, "Punch' n Judy" on Rayon Records "Punch N Judy", which was also licensed to and released by the German label Glitterhouse.
Split into simpler sentences: In 1986 the Fluid released their first album, "Punch' n Judy" on Rayon Records. The album was also licensed to and released by the German label Glitterhouse.