NEW YORK, June 17, 2003 (PRIMEZONE) -- AdZone Research, Inc. (OTCBB:ADZR), a pioneering Internet surveillance technology solutions provider that last month won its first revenue-generating contract from a major defense contractor, announced today that Barrow Street Research, an independent research firm that began covering the company in October 2002 with a Speculative Buy recommendation today raised its rating to a BUY.
"Since we initiated coverage of ADZR in October of 2002, the company has issued several increasingly encouraging news releases. However, in our opinion none was more noteworthy than the one issued on May 29, 2003 when the company announced it has been awarded its first revenue- generating contract from 'a major defense contractor,' the report noted in a special update.
"The company believes that this contract represents the first of what it hopes may be other strategic agreements with this particular defense contractor," the report continued. "Additionally, management anticipates other defense companies at several levels, all of them entrusted with major security contracts on behalf of the federal government, will also execute similar agreements specifying the need for AdZone's capabilities as part of their ongoing efforts to provide ever increasing levels of security on a national and international level.
"We have today upgraded the ADZR shares to a BUY for high risk oriented investors, and note that the company will be presenting at the prestigious 52nd Anniversary Summer Conference sponsored by EQUITIES Magazine."
The magazine anticipates the event will draw more than 200 investors and investment professionals to the June 19th conference, the report noted, adding that the presentation by AdZone also will be broadcast simultaneously on the Internet and available on the magazine's website, www.equitiesmagazine.com
AdZone currently has strategic working agreements with the Raytheon Company, The Boeing Co and the Sarnoff Corporation, all focused on developing technology that discovers and tracks clandestine communications by terrorist or other outlaw groups across the Internet. Their 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.
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 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.