CALVERTON, N.Y., July 18, 2005 (PRIMEZONE) -- AdZone Research, Inc. (OTCBB:ADZR) has filed its Form 10-KSB for the fiscal year ended March 31, 2005.
In the report, the company said revenues for the year ended March 31, 2005 amounted to $332,037, up nearly four and one half times revenues of $74,844 for the prior fiscal year.
AdZone incurred a net loss of $4,190,952 for the fiscal year ended March 31, 2005, compared with a net loss of $3,251,821 for the prior fiscal year.
The company said fiscal 2005 revenues primarily represented sales from its Defense Division to major defense supply contractors and the U.S. Government. AdZone completed a three-month U.S. Department of Defense contract in the second quarter of fiscal 2005 totaling $150,000.
Management is optimistic that the success of this contract will lead to additional contracts with the government, although no such contracts have yet been awarded. However, management is actively negotiating additional proposals in the defense industry arena.
Management plans to continue to promote contracts with the U.S. Department of Defense, as well as commercial uses of its technologies. AdZone has been able to advance its business plan in a limited fashion by maintaining and upgrading the defense oriented products and services and marketing efforts for these products.
AdZone also has developed an updated strategic business plan that incorporates an aggressive sales strategy in the defense area of its business. The plan also includes strategic alliances and acquisitions, and to that end AdZone said it has retained a consulting firm with considerable experience in the field of acquisitions and integrations of acquired companies. Its experience also includes multiple acquisitions and successful post-acquisition integration, primarily in research and defense company management organizations. This is expected to help AdZone in its goal of completing strategically valuable acquisitions in the near future.
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.