CALVERTON, N.Y., Aug. 1, 2005 (PRIMEZONE) -- AdZone Research, Inc. (OTCBB:ADZR) today announced that it has executed a letter of intent for an equity line of credit that will provide up to $30 million of financing to be used for strategic acquisitions. The funding will become available once the company has obtained an effective registration statement from the SEC covering the proposed financing.
Spartan Securities Group, Ltd., a key supporter of the company since its inception, is a major participant in the transaction and also helped structure it.
"This financing will be in addition to existing working capital being used to continue developing our commercial, cyber security and defense divisions so they can reach their full potential," said AdZone Chairman and CEO Charles Cardona. "This funding significantly enhances our current contractual efforts in all these arenas."
"This new capital, the largest such investment in our company to date, will be used exclusively to fund acquisitions of companies that are strategically valuable and are currently revenue generating, profitable and accretive," said President and COO John A. Cardona, who oversees the commercial and cyber security divisions of the company. "We are very grateful to the Spartan team for its unflagging support of our company and its belief in our outstanding future."
AdZone Research is headquartered in Calverton, N.Y. in a facility that formerly housed major defense contractor Northrop Grumman Corporation. 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 and digital piracy. 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 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.