CALVERTON, N.Y., April 30, 2003 (PRIMEZONE) -- AdZone Research, Inc. (OTCBB:ADZR), in a Form 8-K filed with the Securities & Exchange Commission, today said that its Board of Directors has passed a resolution authorizing the repurchase of up to $150,000 of the company's stock in the open market. The company said it shall reserve 5% of the first $3 million of revenues from contracts generated in the current fiscal year for this plan, and that the money may be utilized immediately upon receipt, at the discretion of the company's chief executive officer in directing the repurchase program.
AdZone, a pioneering Internet surveillance technology-solutions provider, in recent weeks has announced two major strategic partnering agreements that underscore the commercial viability of its global defense capabilities, said Chairman & CEO Charles A Cardona, III.
"Our first agreement, with the Sarnoff Corporation, calls for our two companies to jointly market their respective expertise to agencies of the U.S. government engaged in the global war against terrorism," Cardona said. "Our combined expertise is expected to produce advanced tools for uncovering and decoding hidden messages and other content embedded in the pixels of innocent-looking Web pages.
"The second agreement, with Boeing Autometric, a unit of Boeing Integrated Defense Systems, is to integrate AdZone's NetGet(tm) Internet monitoring technology with Boeing Autometric's range of products and services to better help identify clandestine communications posted on the World Wide Web on behalf of federal intelligence agencies. Earlier, we also entered into a similar system integrator agreement with Raytheon.
"We expect firm contracts from these numerous strategic relationships in the near future," said the CEO, "and believe that the allocation of funds from them for this stock buyback program is in the best interests of shareholders and will help to provide improved visibility and valuation."
AdZone Research is headquartered in Calverton, N.Y., in a secured 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 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.