PrinVest Corporation to Provide More Than $20 Million in Lease Financing to Coyote Customers
PR Newswire - February 24, 1999 15:42
WESTLAKE VILLAGE, Calif., Feb. 24 /PRNewswire/ -- Coyote Network Systems, Inc. (Nasdaq: CYOE) today announced that PrinVest Corporation will provide more than $20 million in lease financing to Coyote customers for the purchase of telecom switching and related equipment and services. Financing for individual Coyote customers will be made on a case-by-case basis, depending on the customer's creditworthiness. This financing is not related to Coyote's previously announced $10 million loan commitment.
"The emerging telecom market has excellent potential," said Rudolf A. Tervooren, president, PrinVest Corporation. "After our due diligence, we decided that Coyote's management and its technology met our vigorous standards. We look forward to a long and fruitful relationship."
"We are pleased to be working with PrinVest to enable our customers to be more successful," said Daniel J. Latham, president and chief operating officer, Coyote Network Systems. "Our goal is to provide a total solution for our customers. Lease financing is an important part of that package."
As previously announced, Coyote's stated goal is to transform switchless resellers into "next-generation" carriers by supplying them with switches, facilitating equipment financing, providing facilities-based back room operations, improving margins, increasing quality of service and enabling a path to voice over data networks.
About PrinVest Corporation
Based in Lawrenceville, NJ, PrinVest is focused on helping emerging companies grow and prosper. PrinVest is a national leader in small business financing and has originated more than two billion dollars in loans to help small businesses reach their potential. Today, PrinVest customers range from start-up operations to fully mature businesses. For more information, please visit the company's Web site: prinvest.com, or call 1-609-844-9828.
About Coyote Network Systems
Based in Westlake Village, CA, Coyote Network Systems (Nasdaq: CYOE) provides telecom equipment and international long distance services. Coyote Technologies provides scalable Class 4/5 telecom switches and IP (Internet Protocol) gateway systems. Based in Atlanta, GA, Coyote Communications Services provides service and network operations support to Coyote customers. Based in Houston, TX, American Gateway Telecommunications provides international long distance services to carriers. Based in Los Angeles, CA, INET Interactive Network System markets international long distance services, primarily to affinity groups. Coyote also recently formed a joint venture-TelecomAlliance-designed to enhance the growth of up to 30 switchless resellers. TelecomAlliance will manage a new IP-based network that combines voice and data services, as well as backroom services, such as billing, customer service and service provisioning. Coyote is authorized to provide competitive local exchange carrier services in California. For more information, please visit the Company's Web site: cyoe.com, or call 1-818-735-5385.
The statements in this news release may be considered "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance suggested in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. For more complete information, please refer to the Company's Form 10-K, Form 10-Q and other filings with the SEC.
SOURCE Coyote Network Systems
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