CALVERTON, N.Y., July 14, 2004 (PRIMEZONE) -- AdZone Research, Inc. (OTCBB:ADZR), a provider of Internet surveillance technology, reported today that its Chairman & CEO, Charles A. Cardona III, has issued the company's latest operational report to shareholders, following the filing of its 2004 fiscal year's Form 10-KSB. The full text of his message follows:
July 14, 2004
Dear Fellow Shareholders:
AdZone has been extremely busy in the weeks since we last reported to you. Our primary focus has been on ramping up as we begin to fulfill the requirements of our current government contract. This has been necessary to ensure that its expansion conditions are met. Significant restrictions prevent our discussing particulars of the contract. Nevertheless, I can definitively assure you our technology is being utilized at high levels of government intelligence efforts.
The company has raised more than $1,000,000 in recent months, and currently has more than $800,000 in the bank, with commitments from our investment banker for $750,000 more when the SB-2 covering the transaction is filed and declared effective. This places AdZone in the best financial shape in which it's ever been, giving us both considerable cash reserves and the ability to aggressively pursue multiple avenues to generate new and recurring revenues.
With the current new contract taking shape on the defense side, the company is currently beginning an expansion into its origins -- the commercial side -- and anticipates being able to announce new products for this robustly recovering marketplace in the coming months. AdZone also is currently working on proposed projects for several specific target customers in the commercial data marketplace, and hopes to announce more details on these in the future as well.
All of us at AdZone greatly appreciate your continued support and confidence as the company now truly begins to grow. We are a much stronger company today than we were a year ago. Last year, as of March 31, 2003, the stock price was $0.02, and we had less than $10,000 in the bank. Today, at $0.30 per share, we have a valuation 15 times higher and more than $800,000 in cash on hand. By any measure, we've come a long way.
As a nation, and a world, we live in increasingly uncertain times. Moving forward, our goal is to articulate our pattern for progress, both in reports like these, quarterly filings, and coming news releases that will further underscore what we believe more than ever is our very outstanding future. We hope you continue to share the journey with us as we grow both our commercial and defense sectors.
Sincerely, Charles A. Cardona III Chairman & CEO
AdZone Research is headquartered in Calverton, N.Y., in a facility that formerly housed major defense contractor Northrop Grumman Corporation. The facility was earlier used for top-secret defense research and development, and was part of the United States Navy's Naval Defense Technology Center.
Through monitoring of more than 500,000 Web sites worldwide, AdZone provides tracking and monitoring of targeted information on the Internet, with an expanded focus on global Internet analysis of security-related data transmissions. For additional information, please visit the company's Web site at http://www.adzoneresearch.com. Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.