B: COYOTE NETWORK SYSTEMS CANCELS PROPOSED ACQUISITION OF AP
B: COYOTE NETWORK SYSTEMS CANCELS PROPOSED ACQUISITION OF APOLLO TELECOM
WESTLAKE VILLAGE, Calif., April 20 /PRNewswire/ -- Coyote Network
Systems (Nasdaq: CYOE) today announced it has canceled its proposed
acquisition of Apollo Telecom, Inc. for 350,000 shares of Coyote common
stock, as previously announced on February 10,1999. Based in Salt Lake
City, Utah, Apollo Telecom is an emerging carrier that offers
international and domestic long distance services.
(http://www.newscom.com/cgi-bin/prnh/19990412/CYOELOGO )
"We are disappointed that the acquisition of Apollo Telecom could
not be completed as planned," stated Dan Latham, president and chief
operating officer, Coyote Network Systems. "Recent downturns in
Apollo's domestic business precluded the completion of the
transaction."
Coyote announced that it will continue to work with Apollo KK as an
Asian distributor of Coyote products. Apollo KK did not meet the
contract minimums for the first year of the previously announced,
three-year OEM distribution agreement, citing regulatory delays in
product certification and poor economic conditions in the Asian
markets. "Although Apollo KK is behind schedule, we have seen
substantial activity in recent months, including the possible
development of a technology center and strategic alliances introduced
by Apollo KK. We view Apollo KK as an important business partner and
look forward to continuing our work with them as the Japanese and Asian
economies improve," stated Latham.
About Coyote Network Systems
Based in Westlake Village, CA, Coyote Network Systems provides
telecom equipment, international long distance and network integration
services. 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. The Company does not undertake to revise, and
specifically disclaims any obligation, to publicly release the result
of any revisions which may be made to any forward looking statements to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements. 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
-0- 04/20/99 /CONTACT: Tony Squeglia of
Coyote Network Systems, 818-735-5385, A.Squeglia@cyoe.com/
/Photo: newscom.com /Web
site: cyoe.com
(CYOE)
CO: Coyote Network Systems; Apollo Telecom, Inc. ST: California IN:
TLS SU: TNM
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