New Company looks intersting.
Leapfrog Smart Products, Inc. Announces Historic Joint Venture with Chinese High-Tech Consortium TopGroup
ORLANDO.
Leapfrog retained as exclusive provider of smart card products for Chinese `Golden Card' project; Revenues to Leapfrog expected to exceed $200 million; Project targets China's adult population, which exceeds 850 million citizens
Leapfrog Smart Products, Inc. (OTCBB:FROG - news), a recognized leader and innovator of smart card solutions, announced today that it has signed a significant joint venture agreement with TopGroup of the Peoples Republic of China.
The agreement signifies the eagerness between the two companies to provide smart card driven products to a booming Asian market, which is estimated to exceed $1 billion US dollars over the next two years. This joint venture provides for the construction of the largest IT research and development center in China, to be located at the West Software Park in Chengdu, Sichuan Province.
TopGroup selected Leapfrog as its exclusive developer of smart card applications and biometrics identification products for the Golden Card Projects mandated by the Chinese government to supply smart card solutions throughout the country. Revenues to Leapfrog from this project are expected to exceed $200 million over the next five years.
``Our joint venture is targeting China's adult population, which exceeds 850 million citizens,' says Gary Wolfson, President of Leapfrog Global I.C. Products (LGIC). ``Initially, we will supply products for public security, financial services and healthcare and plan to work toward producing subsequent smart card solutions for access control, transportation and distance learning.'
Leapfrog employs core software products which are customized to create innovative smart card solutions for clients in a broad range of government and business activities, such as buildings and campuses, resorts, health care, distance learning, public transportation and computer security markets. The solutions developed by Leapfrog are designed to protect and enhance business operations, generate new revenue streams and in some cases save lives.
Mr. James Valenti, President of Leapfrog's Chinese subsidiary, will relocate to Asia to oversee the Company's operations.
``This new cooperation between Leapfrog and TopGroup should become the leading model in the Chengdu's IT Development and in absorbing more future foreign investments,' said Mr. Wu Xian Tao, Party Secretary of the Chengdu Municipal Government.
About TopGroup
TopGroup is a renowned, privately owned high-tech company with 10 facilities countrywide and over 3,000 employees throughout China. TopGroup manufactures personal computers, computer software and other computer peripherals.
About Leapfrog Smart Products, Inc.
Headquartered in Orlando, Florida, Leapfrog Smart Products, Inc. (www.leapfrog-smart.com) is dedicated to designing, developing, licensing and marketing Smart card applications, related database management systems and services.
Leapfrog is complemented by its wholly owned subsidiaries, Conduit Healthcare Solutions and Leapfrog Global IC Products (LGIC).
The Private Securities Litigation Reform Act of 1995 provides a ``safe-harbor' for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking, such as statements relating to plans for future expansion. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. For more information, review the Company's filings with the Securities and Exchange Commission.
For more information about Leapfrog Smart Products and this agreement contact Gary Wolfson or Jim Valenti at (407) 875-3100. |
