ALBARA CORPORATION ANNOUNCES ACQUISITION OF LEAPFROG SMART PRODUCTS, INC.
HOUSTON, Feb 17, 2000 /PRNewswire via COMTEX/ -- Albara Corporation,
(OTC Bulletin Board: ALBR) ("ALBARA"), announced today that it has
closed its transaction to acquire Leapfrog Smart Products, Inc.,
("LEAPFROG") a private corporation headquartered in Orlando, Florida
effective February 22, 2000. The transaction was approved by the
shareholders at ALBARA's annual meeting held on January 28, 2000. This
transaction will be structured as a reverse acquisition whereby the
existing shareholders of LEAPFROG will obtain control of ALBARA.
LEAPFROG is dedicated to designing, developing, licensing and marketing
Smart Card applications and related database management systems and
services. The Smart Card is a wallet-sized plastic card with an
embedded computer chip carrying a myriad of accessible data that is
retrievable on demand and capable of fully integrating a variety of
everyday functions with strict security features.
At ALBARA's Annual Shareholder Meeting, the shareholders approved
effecting a 1 for 7 reverse split of the Company's common stock,
increasing the number of authorized shares of common stock, changing
the name of ALBARA to "Leapfrog Smart Products, Inc.", electing a new
Board of Directors and modifying ALBARA's Incentive Stock Option Plan,
all of which were a condition to closing the acquisition of LEAPFROG.
These changes shall take effect on February 18, 2000. In addition, the
stock symbol of ALBARA, currently "ALBR", will be changed. On February
22, the shareholders of LEAPFROG shall have the right to receive 5,350,
049 shares of ALBARA common stock. ALBARA shall also reserve 2,459,950
shares of common stock for possible issuance in connection with
LEAPFROG options, warrants and convertible debt. The existing
shareholders of ALBARA shall hold 610,946 shares of ALBARA common
stock.
The common stock of ALBARA CORPORATION is traded in the
over-the-counter market and is listed on the Bulletin Board published
by the National Quotation Bureau. ALBARA is a development stage company
with no ongoing operations. Statements in this release which are not
historical fact are forward looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and involve risks
and uncertainties.
SOURCE Albara Corporation
(C) 2000 PR Newswire. All rights reserved.
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CONTACT: Real Provencher of Albara Corporation, 409-441-2650, or fax,
409-588-2699
(ALBR)
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