Dutton & Associates Announces Investment Opinion: AdStar Speculative Buy Rating Issued By Dutton & Associates.

Business Editors

NOTE TO EDITORS: The following is an investment opinion issued

by Dutton & Associates

EL DORADO HILLS, Calif.--(BUSINESS WIRE)--June 10, 2003

J.M. Dutton & Associates initiates coverage of AdStar (Nasdaq:ADST) with a Speculative Buy rating and a 12-month $1.30 price target. The 15-page report by J.M. Dutton senior analyst Jonathan H. Ziegler, CFA, is available at www.jmdutton.com, and at First Call, Bloomberg (JMDA), Zacks, Multex, and other leading financial portals.

AdStar provides application software services to the $15.9 billion classified-advertising industry with proprietary software that electronically connects publishers with the source of their advertising revenue. AdStar allows newspapers the ability to electronically receive classified-advertising insertions directly from advertisers into their sophisticated publishing systems. AdStar contracts with publishers to design, implement, host, and manage the on-line ad-taking capabilities of their Web sites. Approximately $400 and $450 million of classified ads were placed in newspapers using AdStar's remote-entry system in 2001 and 2002, respectively. There appear to be enough early signs of success that we are encouraged by the opportunities. In 2002, AdStar entered into a strategic relationship with the Tribune Company, who currently owns 29.4% of ADST shares. We are commencing coverage of AdStar with a Speculative Buy rating.

Dutton & Associates is one of the largest independent investment research firms in the U.S. Its 19 analysts, primarily CFAs, have expertise in many industries. Dutton & Associates provides economically bias-free, continuing analyst coverage of over 60 enrolled companies, and its institutional-quality research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $25,000 prepaid before commencement of our research activities. We received $22,000 from the Company for coverage for the year. We do not accept payment of any of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Read full disclosures and analyst background at www.jmdutton.com before investing.