CALVERTON, N.Y., Aug. 18, 2004 (PRIMEZONE) -- AdZone Research, Inc. (OTCBB:ADZR), a pioneering Internet surveillance technology solutions provider, today announced that, in addition to the $1,000,000 already received in a private placement by The Nutmeg Group, L.L.C., it has received an additional $100,000 as part of a commitment for a total $1,850,000 in a series of private placements by the Illinois-based institutional investor.
"We are extremely optimistic about the outlook for AdZone's defense and commercial divisions," said The Nutmeg Group's Managing Director, Randall Goulding. "We believe the current valuation does not adequately reflect the enormous opportunities that exist for the company in both the near- and longer term.
"As a former government agent, I can attest that what this company has done, in capturing an exclusive government contract entirely on its own -- given the short time it has been a public company -- is virtually unprecedented," Goulding continued. "We are vastly impressed with the company's talented management resources, and its extraordinary good fortune in having General Paul Weaver so deeply committed to its success.
"We plan to play an integral and continuing role in AdZone's very promising future. In fact," Goulding said, "the specific reason for this additional cash infusion is to focus on creating new business opportunities and joint ventures between our two companies. We believe this underscores the very strong long-term attitude our investors have in AdZone Research." Goulding said funding terms for the latest cash infusion are identical to its first $1,000,000 in funding.
Additionally, the company said CEO Charles Cardona can currently be heard in an interview broadcast on WallSt.Net, an open network financial community, which has issued an updated report on the company's current operating outlook. The interview, conducted by senior research analyst Nick Iyer, can be accessed at www.wallst.net .
In the interview, Cardona reports that feedback from the government customer on the company's contractual efforts to date has been extremely positive, and that the company's cash position is strong. He said that AdZone is looking forward to increases in revenues from both its defense and commercial divisions, and thanked investors who have been supportive of the company as it matured to its current level as a direct government contractor. Subsequently, the CEO also said the form of future distribution mentioned in the interview would be asset-positive for the company's shareholders.
With more than $30 million in assets under management, The 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. Nutmeg identifies companies offering above-average returns on invested capital.
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 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.