Leapfrog Smart Products, Inc. announced that it is close to finalizing a significant private placement with accredited investors. The investors are completing necessary due diligence work required before funding can be completed.
Proceeds from the private placement will be used for working capital, debt reduction, and to expand sales and marketing in the healthcare and security industries. In June, Leapfrog secured the fifth hospital contract for its Smart card-based healthcare product.
“We have worked for over a year to complete this endeavor,” said Co-Chief Executive Officer, Dale Grogan. “We believe that the investment will reinforce Leapfrog’s competitive position in our industry. As a leading supplier of Smart card and Biometric software, we intend to aggressively pursue our strategy of targeting our core markets of Healthcare, Security and Government in the North America. After years of research and development, we have identified the business areas that will be early adopters of Smart cards and will provide a good return to our investors.”
About Leapfrog Smart Products, Inc.
Leapfrog Smart Products, Inc. is a world-class leader in Smart card software development, biometrics and system solutions integration. Located in Maitland, Florida, Leapfrog is dedicated to creating wide sweeping applications for Smart cards. Smart cards are credit card-sized pieces of plastic with a computer microprocessor embedded within. Current applications of Smart card software include personal identification, e-purse transactions, loyalty point storage, physical and logical access, as well as portable storage of medical records. Leapfrog, through its General Services Administration (GSA) master contract, is also certified as a contractor with the United States Federal government. Leapfrog Smart Products, Inc. is publicly traded on the Over-the-Counter Bulletin Board under the symbol “FROG.”Details