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Technology Stocks : Coyote Network Systems (CYOE), Mixing It Up, IP and ATM -- Ignore unavailable to you. Want to Upgrade?

To: Q. who wrote (308)	11/13/1999 7:26:00 AM
From: Mama Bear	Read Replies (1) \| Respond to of 360

The company filed an 8-K last night. CYOE sold it's 80% interest in American Gateway Telecommunications. They will get a per minute royalty for 18 months, and "be relieved of its obligations under its pledge agreement with PrinVest which secured the Credit Facility and, in connection therewith, PrinVest will return to the Company the 708,692 treasury shares of the Company's common stock which had been pledged by the Company as collateral for the Credit Facility." It looks like they'll use the sale to juice the 10-Q, although they won't receive anything other than the royalties: "In addition, as a result of the Sale, the Company will no longer be required to reflect the Credit Facility on its consolidated financial statements and, accordingly, the Company will recognize a gain of $6,209,000 from the Sale. The Company will not receive any immediate cash payments as a result of the Sale." edgar-online.com Comments? Regards, Barb