AdZone Research to pay off $1.2 million in convertible debentures

By Sheri Kasprzak

New York, Feb. 21 - AdZone Research, Inc. said it has agreed to pay to a $1.2 million convertible debenture held by The Nutmeg Group, LLC.

The terms of the repayment will be announced later, according to a statement released by the company Tuesday.

"We are very pleased to have reached this agreement with Nutmeg and dramatically reduce potential shareholder dilution," said Charles Cardona, the company's chief executive officer, in a statement. "The Nutmeg Group, led by Randy Goulding, has been unwavering in its support of the company over the past two years. It has helped position AdZone to be where it is today and remains a valued ally and major shareholder of the company.

"It's not often that a Bulletin Board company can take a step like this. It is a very proud moment for the company and should be for all our loyal shareholders as well."

Calverton, N.Y.-based AdZone conducts research on the roles of the internet and new technologies.

The stock ended down $0.006 Tuesday to close at $0.184 (OTCBB: ADZR).

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