CALVERTON, N.Y., Aug. 31, 2004 (PRIMEZONE) -- AdZone Research, Inc. (OTCBB:ADZR), a provider of pioneering Internet surveillance technology validated by its recently awarded contract directly from the government, reported today that its Chairman & CEO, Charles A. Cardona III, has issued the company's latest operational report to shareholders. The full text of his message follows:
August 31, 2004
Dear Fellow Shareholders:
During August, our acquisition team continued its due diligence and conversations with the management of three defense-related target companies. As we noted last month, this process is time-consuming, but necessary. Funding necessary to pursue these acquisitions is available, and an extra $750,000 from The Nutmeg Group wills also be accessible after effectiveness of the registration statement for a total $1,850,000 commitment by that investment firm, which has committed to additional funding as may be needed.
General Weaver and Executive Vice President Dan Wasserman also are continuing their efforts to secure the next phases of our existing contract with the government. In anticipation of that likelihood, the company announced this month it is looking to recruit a Vice President of Analytical Services. The person who qualifies for this newly created position will be based in the Washington area, reporting to Dan Wasserman, who also serves as Managing Director of our Homeland Defense Group.
Earlier this month, we also recruited Kathleen Feehan to the newly created position of Corporate Controller, reflecting the company's need for a person at corporate headquarters to focus full time on the company's financial reporting practices. This is mandatory as we move toward higher levels of revenues that will come from both our defense and commercial divisions. A real bonus for the company is her years of prior experience working with all phases of government contracting. Clearly, the company is building its infrastructure to respond to its growing needs, and would not be making these investments without a real sense that additional revenues are forthcoming in the months ahead.
Our NetGet(tm) (patent protected) technology, working in concert with other data gathering capabilities, continues to meet all operational challenges, further underscoring to us the importance of directly approaching the U.S. Government with our capabilities, and not waiting for this technology to be discovered by intelligence authorities, or their being introduced to it by a third party.
The government's decision to contract with us has also provided a level of endorsement that will enable us to work with current defense contractors with whom we already have strategic relationships, as well as those who may seek out our capabilities going forward, and have specific, revenue generating applications they need help with, as opposed to unfunded start up concepts. Several already have expressed interest in working with AdZone.
We wish everyone a safe and happy long weekend holiday, and hope that in the months ahead we may be able to report further material progress on the topics covered in this update.
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 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.
Certain statements contained herein are ``forward-looking'' statements (as such term is defined in the Private Securities 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.