CALVERTON, N.Y., Nov. 13, 2003 (PRIMEZONE) -- AdZone Research, Inc. (OTCBB:ADZR), a pioneering Internet surveillance technology company, announced today that it has filed its Form 10-QSB for its second fiscal quarter ended September 30, 2003. The company also reported that it has received approximately $350,000 in new funds from a Series A preferred stock private placement that closed on October 31, 2003.
Spartan Securities Group, LTD, based in St. Petersburg, Florida, acted as the placement agent for the financing.
"We are extremely pleased to have completed this Series A preferred stock financing effort," said AdZone CEO Charles A. Cardona III. "With these new funds, we can move forward aggressively in pursuing new contracts in both the defense-related and consumer segments of our technology.
"Our goal is to realize additional cash infusions such as the one just completed going forward. They will enable us to position the company to perform on contracts that we have already won, as well as ones we anticipate receiving both near- and longer-term, from governmental agencies as well as major defense contractors, with whom we will work as a key subcontractor," Cardona said.
AdZone has developed proprietary technology to track activity on websites worldwide. It currently has strategic working agreements with Raytheon Company, The Boeing Company and Sarnoff Corporation. These agreements are focused on further developing the technology that discovers and tracks clandestine Internet communications by terrorists and other outlaw groups. By this sharing of expertise, it is expected that advanced tools will be developed for uncovering and decoding hidden messages and other content embedded in the pixels of innocent-looking Web pages.
AdZone Research is headquartered in Calverton, N. Y., in a secured facility that formerly housed major defense contractor Northrop Grumman Corporation. The facility was previously used for top-secret defense research and development and was part of the United States Naval Defense Technology Center.
Through the monitoring of more than 500,000 Web sites worldwide, and scalability up to more than 30 million sites, Adzone provides tracking and surveillance 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 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.