NEW YORK, Oct. 30, 2002 (PRIMEZONE) -- AdZone Research Inc. (OTCBB:ADZR), a pioneering Internet surveillance technology solutions provider, today told shareholders, in a letter from Chairman and CEO Charles A. Cardona III, that "we believe that, for AdZone Research and its shareholders, the future is now, and has never been more promising."
Several weeks ago, said Cardona, "we signed a letter of intent with a firm that intends to raise as much as $2 million to help us execute our business plan in a timely way. Similar funding efforts on both the institutional and private levels continue, and we may have more to report on these positive developments within the next few weeks."
A week later, the CEO told shareholders, "we had the opportunity to meet in New York with a group of investment professionals ... At that meeting, our Executive Vice President, Dan Wasserman, and I explained that AdZone's capabilities to play an important role in Homeland Security and global defense applications are without peer.
"We noted that this claim was supported by a senior staff member of Connecticut Senator Joseph Lieberman," Cardona continued. The senior staffer said that AdZone "has eliminated the risk faced by the Federal Government in dealing with the myriad of technology companies that have inundated Congress since 9/11/01 in two ways -- first, AdZone has proof that the threats obviously continue to exist and, second, you've proven your technology works in finding them."
Moreover, Cardona told shareholders, "We also said that following a meeting in which a national security specialist was shown AdZone's findings of penetration of a supposedly secure government Web site, the House of Representatives' Counsel for Technology Procurement had forwarded AdZone's results to the Senate Standing Committee on Intelligence."
In addition to AdZone's agreement with Raytheon, the company said it has also held extensive discussions with at least three other major defense contractors, and anticipates that future additional strategic relationships and revenues will be realized near term.
"We also have the means to monitor the Internet in support of companies seeking definitive information on their Internet advertising efforts," said Cardona in his letter. "That was, in fact, the basis on which the company was established, and we are currently working with other monitoring firms to win new contracts in this area as well. Overall spending on Internet advertising is expected to reach more than $15 billion in the year ahead."
In closing, Cardona told shareholders: "The months ahead hold significant promise, and we hope you will be a continuing part of that future, as we seek to maximize long term value for all our shareholders, both current and future. We invite you to make the journey with us." For the full text of the letter click on http://www.adzoneinteractive.com/shletter102002.htm.
About AdZone Research:
AdZone Research specializes in automated retrieval, classification, analysis and delivery of worldwide Internet data for global defense as well as media metrics. Through surveillance of more than one half million 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.
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.