Starting to smell like dead fish: "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
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