CALVERTON, N.Y., April 4, 2003 (PRIMEZONE) -- In a Form 8-K filed yesterday with the SEC, the Board of Directors of AdZone Research, Inc. (OTCBB:ADZR) reported passing a resolution to reserve 80% of S-8 stock it approved last week for future compensation to officers, directors and employees. The Board said it took this action to correct misconceptions in the investment community that there would be immediate potential market dilution from issuance of the shares, and that 80% of the shares, or 6 million of the 7.5 million authorized for possible issuance later in the year, would not, in fact, be issued until the company had achieved significant revenues.
The Board of Directors also said in the filing it has resolved that it may, with no further notice and at its discretion, make application for a CUSIP change to the company's stock. The Board feels that this may be in the best interest of shareholders to immediately remedy any naked short positions in the company's stock that may be depressing the current share price.
AdZone, a pioneering Internet surveillance technology solutions provider, recently signed an agreement with Boeing Corp. (NYSE:BA) to market its defense and anti-terrorism related research products. The company also has working agreements with Sarnoff Corporation and Raytheon (NYSE:RTN) with regard to its defense-related products.
About AdZone: AdZone Research, Inc. is the developer of NetGet(tm), the most comprehensive tool for determining activity on the Internet. Currently NetGet(tm) is being used to provide the most accurate tracking of Web-based advertising. However, since September 11, 2001, the company has been aggressively marketing its technology for use in the war against terrorism. More information on the company is available at its corporate website: http://www.adzoneinteractive.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.