CALVERTON, N.Y., Nov. 30, 2004 (PRIMEZONE) -- AdZone Research, Inc. (OTCBB:ADZR), a provider of pioneering Internet surveillance and event tracking technology, reported today that its Chairman & CEO, Charles A. Cardona, has issued the company's latest operational report to shareholders. The full text of his message follows:
November 30, 2004
Dear Fellow Shareholders,
It is with a great deal of conviction that I write this November report to you. We have worked very hard and long to accomplish a great deal this year. In fact, we have accomplished more than 90% of the goals we set for the company in calendar year 2004.
-- We have raised more operating funds than ever before through
financing by an investment banker that has a true long-term
interest in its clients' growth.
-- We have seen a doubling of revenues for the second year in a row.
-- We have reactivated our once virtually dormant commercial
advertising division, and have made enormous strides on the
defense side.
-- We have been working diligently on the validation and
implementation phases of government contracts. I recognize it is
sometimes difficult to be patient with Government Standard Time,
as it is often called. As anyone who is experienced with
government contracts knows, the bureaucratic process is an
integral part of the deal.
-- We have known for some time that our defense products are, and
have been, extremely useful in the purposes for which they were
designed. We have also been made aware that there are additional
potential applications that we must pursue to enhance revenues
above and beyond that which we are expecting from the initial
phases of our government contracts.
I appreciate the patience of those shareholders who believe in the company, and try to understand those who may not. I have received many questions lately as to exact the timing for the contracts on which we are working. As a shareholder, I also share your frustration with the system within which we must work.
But let me also add that I firmly believe in this company and what we are doing. I know we are helping to make our nation and the world safer, and I am willing to stake my future on our ultimate success.
As those of you who read the various filings might be aware, I have decided to take a substantial amount of my compensation that had been deferred and accumulating over the past three years in the form of common stock in the company. This reflects the faith I have in the company and what we do, even though my year-end W-2 will reflect a rather large tax liability for shares that will be held until our valuation is far beyond the dollar range.
We also have been working with our new partners, The Justice Fund and Senticore, which have considerable access to markets in other arenas where our products will be useful. We hope to announce new business information regarding these partnerships in the near future. As we are in much better financial shape than we have been in past years, we are also working hard on new products in both the security and commercial areas. We will be announcing the details the moment they become available.
I also am pleased to announce that, at the end of December, we will take another step forward in our communication with all of you. Some 18 months ago, we launched ir@adzoneresearch.com to provide timely responses to shareholder inquiries. A year later, we began these monthly updates.
Today I can report that at the end of December, in lieu of a monthly update letter, we will hold our first conference call with shareholders, highlighting what has happened this year, and what we expect to happen in 2005. After our brief comments, shareholders will have the opportunity to ask questions directly. A summary of the conference call will be posted to our web site, and a news release about its contents will be issued. For those shareholders who cannot participate in the call, we will archive it for one week so all may have a chance to listen to it. Further details to access the toll free call will be issued by mid-December. Thereafter, we will hold similar conference calls as we announce financial results of each quarter going forward.
I wish to all our shareholders, friends, and the Americans whom we help to keep us secure, a very safe and blessed holiday season, and a healthy and prosperous New Year.
Sincerely,
Charles A. Cardona Chairman & CEO
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.