Ok CYOE fans we need to find out who the corporate officers are for prinvest,Wireless USA, and Scharpat Corporating. Who can check it out for me and tell me who are the pres/treas/sec of each?
PrinVest Agrees to Finance Order for Wireless USA
WESTLAKE VILLAGE, Calif., March 23 /PRNewswire/ -- Coyote Network Systems (Nasdaq: CYOE) today announced that Wireless USA, an emerging long distance provider, has entered into a financing arrangement with PrinVest Corporation under which PrinVest has agreed to provide $8.6 million in equipment financing to Wireless USA. The financing arrangement covers a previously disclosed order by Wireless USA for Coyote's DSS Switches and related OEM equipment, including voice over T1 compression, billing, and customer care and rating software to support international pre-paid services and gateway applications. Coyote recognized approximately $7.2 million in revenue from this order in the third quarter, ended December 31, 1998. As previously stated, Coyote will recognize the profit on this order as payment is received.
Under the terms of the financing arrangement announced today, PrinVest will acquire the equipment and lease it to Wireless USA. In February, PrinVest said it would provide more than $20 million in lease financing to Coyote customers on a case-by-case basis.
"We chose Coyote after an extensive review of multiple equipment vendors. We had aggressive growth plans that required considerable capital and at the same time, we needed multiple technologies and software to cover our needs," said Sam Deeb, general manager, Wireless USA. "Coyote provided a total business solution that meets our business requirements.
"Many people rely on us to keep them in touch with the rest of the world; therefore, it is critical that we select a vendor that provides a creative integrated solution that includes comprehensive service and support as well as financing options. Coyote was the only vendor that provided a complete package that met our needs. They understand our business, and planned and worked with us as a business consultant, rather than an equipment vendor," Deeb stated.
"We are pleased that Wireless USA selected us to provide an integrated solution that meets their business requirements," said Daniel W. Latham, president and chief operating officer, Coyote Network Systems. "We are focused on providing solutions that meet and exceed our customers' expectations. We measure our success by our customers' success."
About Wireless USA
Based in San Diego, CA, Wireless USA began operations by offering cellular and paging services. Wireless USA has since broadened the services it provides by including pre-paid calling cards, one number service, international callback, and automated answering services. Wireless USA will use the equipment being financed to enter the international telecom market. For more information, please visit the company's Web site: wireless-usa.com, or call 619-514-8200.
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 609-844-9828.
About Coyote Network Systems
Based in Westlake Village, CA, Coyote Network Systems provides telecom equipment and international long distance services. Based in Richardson, TX, 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 and Profitec recently formed TelecomAlliance, a joint venture designed to enhance the growth of up to 30 switchless resellers. TelecomAlliance will manage an 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 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 Securities & Exchange Commission.
SOURCE Coyote Network Systems
CO: Coyote Network Systems; PrinVest Corporation; Wireless USA
ST: California, New Jersey
IN: TLS FIN
SU:
03/23/99 12:15 EST prnewswire.com
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