A trading halt would be for 10 days. The company would have to prove the allegations were not real, if not CYOE goes to grey market, maybe. After 10 days it could start trading on the gray market like USAT did. It may not trade ever again if the news is real bad, which I think it will be. In the gray market someone actually has to call the MM for a quote. It cannot be published. I think we are going to get closer to that day where cyoe closes its doors for good. They have relatively no sales other than companies they give an equity stake in which is used as a down payment on a lease. Without that who is or would even buy their equipment? Can you name one company that has bought CYOE equipment or leased it without the equity stake from CYOE? I can't. I could start my own Telecom Alliance if they would give me a 19.9% equity stake. This is what they did with Eugene Curcio. Wonder how he is doing in his new business in January?
"The level of traffic is running at the rate of approximately 50,000 minutes per month, and is expected to transfer to Crescent's own network following completion of Crescent's switching facility in January."
Coyote Network Systems' AGT Unit Initiates Crescent Communications Traffic To India
Westlake Village, CA – December 15, 1998 – Coyote Network Systems, Inc. (Nasdaq: CYOE) today announced that its wholesale long distance carrier unit, American Gateway Telecommunications (AGT), has initiated and is carrying U.S. originated traffic for Crescent Communications with termination services to India.
The level of traffic is running at the rate of approximately 50,000 minutes per month, and is expected to transfer to Crescent's own network following completion of Crescent's switching facility in January.
"AGT is providing Crescent Communications' customer with international long distance services while Crescent's switches are being installed," said Daniel W. Latham, president and chief operating officer, Coyote Network Systems. "Although the volume of traffic is relatively small, we view it as confirmation of our overall strategy to offer switching and networking capabilities during Crescent's transition to being a switch-based carrier."
About Crescent Communications
Crescent Communications is a privately held, emerging international long distance carrier formed to primarily provide wholesale telecom services to select international markets. Crescent Communications can be reached at 310-543-3859 or by fax at 310-544-1389 or email at curcio1@gte.net.
About American Gateway Telecommunications
Based in Houston, TX, AGT provides international long distance services to carriers. AGT can be reached at 713-621-5255 or by fax at 713-621-2228 or by email at amergate@swbell.net.
About Coyote Network Systems
Headquartered in Westlake Village, CA, Coyote Network Systems (CNS) provides telecom equipment, international and domestic long distance services, and "backroom" operations and support to carriers and affinity-based groups. Coyote Technologies provides scalable Class 4/5 and Internet Protocol gateway switches. Headquartered in Houston, TX, American Gateway Telecommunications provides international long distance services to carriers. Headquartered in Los Angeles, CA, Interactive Network Systems markets international long distance services, primarily to affinity groups. CNS is authorized to provide competitive local exchange carrier (CLEC) services in the State of California. For more information, please visit the Company's Web site: cyoe.com.
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. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For more complete information, please refer to the Company's Form 10-K and Form 10-Q filings with the SEC.
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