CALVERTON, N.Y., Feb. 21, 2006 (PRIMEZONE) -- Citing a rapidly improving operating outlook, AdZone Research, Inc. (OTCBB:ADZR) today reported it has signed an agreement to pay off a $1.2 million Convertible Debenture from The Nutmeg Group, L.L.C.
"We are very pleased to have reached this agreement with Nutmeg, and dramatically reduce potential shareholder dilution," said AdZone's Chairman & CEO, Charles A. Cardona. "The Nutmeg Group, led by Randy Goulding, has been unwavering in its support of the company over the past two years. It has helped position AdZone to be where it is today, and remains a valued ally and major shareholder of the company.
"It's not often that a Bulletin Board company can take a step like this," said the CEO. "It is a very proud moment for the company, and should be for all our loyal shareholders as well."
Full details of the agreement will be contained in the company's annual report on Form 10-K.
This press release is available on the company's official online Investor Relations HUB at http://www.agoracom.com/IR/AdZone for investor questions, answers and monitored commentary. Alternatively, investors are able to e-mail all questions and correspondence to ADZR@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
For additional information on AdZone Research, 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.