ADZR $o.65
Recent Price: (09-08-03): $0.10 Common Shares Out: 50.5 million
52-Week Range: $0.01-0.18 Market Cap. $5 million
Fiscal Year: March Investment Rating: BUY
Company Description: Launched in 2000, AdZone Research Inc. is an emerging growth company providing proprietary software that monitors the Internet for virtually all types of activity. The data is then segmented and sorted as needed. The company has developed three key focus areas: Online Advertising Data, Online Biotech Tracking and Online Terrorism Tracking. Its technology is scalable, and capable of supporting additional products and services of value to its numerous marketplaces. However, there is one area in particular that ADZR seems to be making a measurable impact: homeland security. The company’s proprietary software enables it to scan, identify and assess the Internet for information affecting national security. The company maintains its headquarters in Calverton, New York, in a secured facility that formerly housed major defense contractor Northrop Grumman Corporation.
Since September 11, 2001, the company has received many inquiries concerning the application of its technology in the war against terrorism.
Beginning in January 2003 the company began running its NetGetä technology on a daily basis, and since then the company has independently been credited with discovering and helping to thwart at least two confirmed terrorist plots.
Currently, there is substantial interest in ADZR’s capabilities, and the company has formed key strategic relationships with Raytheon (NYSE-RTN), Boeing, (NYSE-BA) and the Sarnoff Corporation.
In May of this year the company announced it had been awarded its first revenue generating contract from a major defense contractor, which was followed by another award just last week focused on the major contractor’s range of products and services aimed at identifying clandestine terrorist communications using the Internet, on behalf of federal agencies.
In addition to its work in tracking down Internet terrorist threats, the company also tracks the World Wide Web for other purposes. These include Internet advertising from various sources.
The company is led by a motivated and experienced team of executives whom, in our opinion, have the capabilities of leading ADZR through a period of rapid growth and development.
Recent Financial Results
AdZone research is a company that is still in the development stage, and the company’s financial results reflect that status. It should be noted the company’s financial statements still carry a "going concern opinion." Since the company has not fully commenced operations, management is of the opinion that current financial results are not meaningful as an indication of future operations. During the first quarter of Fiscal 2004 (year ending March 31, 2004), the company obtained a $50,000 contract from a major United States defense contractor. During the quarter, the Company completed and billed approximately $39,125. For the three months ended June 30, 2003, the Company incurred a net loss of approximately $77,000, as compared to a net loss of approximately $172,000 for the three months ended June 30, 2002. Based on the weighted-average number of shares of common stock issued and outstanding at June 30, 2003 and 2002, respectively, ADZR incurred a net loss per share of approximately $(0.00) and $(0.02). The Company had approximately $51,500 in available cash at June 30, 2003 as compared with $8,100 at March 31, 2003 and approximately $2,900 at June 30, 2002. The Company attempts to maintain a cash balance sufficient to sustain corporate operations until such time as management can raise the funding necessary to advance its business plan. Readers are urged to review ADZR’s full financial statements as contained in SEC Forms 10-KSB and 10-QSB. These forms are easily accessible on the Internet.
Future Prospects: In our opinion, AdZone Research is truly functioning at the highest levels of participation in the homeland security efforts, beyond anything the company can reveal. Much of the activity that the company is involved is classified. Accordingly, it’s very difficult to project exactly what the company’s future prospects hold. However, given recent announcements about another contract from a major defense contractor we believe there is reason to believe that revenue could build quickly over the next few years, particularly if, as we expect, more defense contractors sign on. Moreover, the nature of the services provided by ADZR is high-margin, suggesting that profitability can build rapidly.
Risk Level: High
Conclusion: Since our initial report on AdZone in October of 2002, the company has made significant progress. Of particular note are the contracts that have been obtained from a major defense contractor. We anticipate that in coming months the company will make more progress in obtaining contracts and that the investment community will truly start paying attention to the ADZR stock. Indeed, we believe that ADZR has tremendous upside potential from these levels and we continue to rate the stock a BUY.
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