Info on cyoe from 10K
in January 1998, the Company advanced $450,000
to Systeam, S.p.A. in connection with an investment in convertible notes in that
company. The notes will be issued after completion of Italian legal process.
(There is that 8% again. They said the newest loan was not secured by stock. How about notes?)
Sales and Issuance of Unregistered Securities
In December 1997, the Company received $4,635,000 upon the issuance of
$5,000,000 in 8% convertible notes. Fees and expenses amounted to $365,000. As
of June 9, 1998, the full value of notes and accrued interest to the date of
conversion had been converted into Company common stock, which was issued
pursuant to the exemption provisions of Section 3(a)(9) of the Securities Act of
1933. Common stock totaling 1,404,825 shares was issued in connection with
conversions of $5,133,000 of convertible notes and accrued interest. Of those
conversion shares, 336,075 were issued as of March 31, 1998, in connection with
conversions of $1,344,000 of convertible notes and accrued interest.
Coyote Network Systems Received a Commitment for a $10 Million Loan
PR Newswire - February 19, 1999 07:45
WESTLAKE VILLAGE, Calif., Feb. 18 /PRNewswire/ -- Coyote Network Systems, Inc. (Nasdaq: CYOE) today announced it received a commitment for a $10 million loan. Terms of the loan include an 8% interest rate on a five-year term, with principal due at maturity. The loan is not convertible into shares of common stock and no warrants were issued. The net proceeds, after fees and first year interest, are to be used for working capital and to fund the Systeam S.p.A. and Apollo Telecom acquisitions.
About Coyote Network Systems
Headquartered in Westlake Village, CA, Coyote Network Systems (Nasdaq: CYOE) provides telecom equipment and international long distance services. Coyote Technologies provides scalable Class 4/5 telecom switches and IP (Internet Protocol) gateway systems. 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. Coyote also recently formed a joint venture-TelecomAlliance-designed to enhance the growth of up to 30 switchless resellers. TelecomAlliance will manage a new 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 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. 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, Inc.
/CONTACT: Tony Squeglia of Coyote Network Systems, 818-735-5385,
A.Squeglia@cyoe.com/
/Web site: cyoe.com
(CYOE) |
