Albara to Acquire Leapfrog Smart Card Operations
Albara Corp., Houston, will acquire Leapfrog Smart Products, Inc.,a private company headquartered in Orlando, FL. Leapfrog designs, develops, licenses and markets Smart Card applications and related database management systems and services.
Smart cards are wallet-sized plastic cards with an embedded computer chip carrying a accessible data that is retrievable on demand and capable of fully integrating a variety of everyday functions with strict security features. Chips can have information added to them on a transaction-by-transaction basis, and are used in Europe as electronic purses, telephone debit cards, and as enabling mechanisms for loyalty programs that do not violate Europe’s data privacy directives.
This transaction will be structured as a reverse acquisition: The existing shareholders of Leapfrog will obtain control of Albara. Albara intends to call a shareholder’s meeting for the purpose of approving the transaction, effecting a 10 for 1 reverse split of the Company’s common stock, changing the name of ALBARA and electing a new Board of Directors. Albara is a development stage company with no ongoing operations.
