CALVERTON, N.Y., June 8, 2004 (PRIMEZONE) -- AdZone Research, Inc. (OTCBB:ADZR), a pioneering Internet surveillance technology solutions provider, today announced that it has received an additional $600,000 funding as part of a commitment for a total $1,750,000 private placement by The Nutmeg Group, LLC, an institutional investor.
The $600,000 closing resulted in the issuance of 3,289,474 shares of common stock. In addition, the investor received warrants to purchase an aggregate of 1,644,737 shares. The last closing, for $750,000, which is at the option of AdZone, is scheduled to occur within five days of the effective date of a registration statement covering this transaction. More details of this private placement is contained in a Form 8-K filed with the Securities and Exchange Commission.
"This second round of funding, in addition to the $400,000 we initially received from The Nutmeg Group two weeks ago, now amounts to more than $1,000,000 we have available for acquisitions and to fund the company's ongoing growth," said AdZone Research Chairman & CEO Charles A. Cardona III.
"We are pleased to be working in partnership with AdZone to better position it to grow both its defense and commercial divisions," said Randall S. Goulding, Managing Director of The Nutmeg Group, LLC. "The recent announcement of the company's signing a contract with a major U.S. Government entity is enormous validation of its highly prized NetGet( technology. We look forward to working with the company on several levels going forward, and to being a long term investor in AdZone's very promising future."
With more than $30 million in assets under management, the Illinois-based Nutmeg Group, L.L.C. is a value-added private capital investment firm, and a full service investment and financial consulting organization, dedicated to helping growth companies emerge as industry leaders. Among its more significant resources include its strategic investors and strategic alliances. Using its experienced management team and a focused research-intensive investment approach, Nutmeg identifies companies offering above-average returns on invested capital. Through its informal operating style, significant network of investors, and focused approach to investment decisions, Nutmeg responds rapidly to investment opportunities.
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.