CALVERTON, N.Y., April 29, 2004 (PRIMEZONE) -- AdZone Research, Inc. (OTCBB:ADZR) Chairman & CEO Charles A. Cardona today announced that the company has identified several defense-related acquisition targets, one of which the company anticipates signing a Letter of Intent with in the near future. It also said that these acquisitions would be accretive, and are expected to generate several million dollars in incremental revenue by the fourth quarter of the new fiscal year, ended March 31, 2005. The company said funding necessary to complete these acquisitions is currently being finalized, and is expected to be effective by the end of the company's first fiscal quarter, ended June 30, 2004.
"The revenues from these acquisition targets are irrespective of both current contracts in development for our NetGet(tm) (patent protected) technology, as well as the company's new Geo-Specific Threat Intelligence Report (Ge-S.T.I.R.). As we announced earlier this month, Ge-S.T.I.R. is a syndicated quarterly recap starting with a both full year 2003 compilation, and the first calendar quarter ended 2004. It has received very positive expressions of interest from both private and public entities. It also has been especially helpful in showcasing the NetGet technology from which this stand-alone product was created to an ever larger audience that has a very strong impact on defense-related contracts on both a national and international level.
"Many of our longer term shareholders overall have been very supportive of AdZone in these difficult months, even with the stretch out of prior guidance given to us that we would be able to announce definitive events by the end of the first calendar quarter, which is our fourth fiscal quarter," Cardona said. "While these events have been stretched out, from our perspective everything we have reported in prior news releases continues on track, despite these delays. Again, shareholders must remember in terms that our first fiscal of the year ends June 30, 2004.
"We are making an additional commitment to them as of today," Cardona continued. "Unlike most publicly held companies, effective today, and going forward, we will begin issuing formal updates at the end of each month in this format for our shareholders. We commence this effort in the belief that the patience shareholders have shown should rewarded in kind. We want everyone, within the maximum limits of what we can discuss, to have what we believe will be very current guidance on which investors can base their personal decisions.
"The addition of Major General (ret.) Paul Weaver in a much more involved role as a member of our advisory board, beginning in mid-March, has given us substantial new assistance in helping to accelerate both funding and contractual events," Cardona said. "His expanded efforts on our behalf in just that brief period have been very measurable, including several high level briefings."
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.