I wonder if CYOE wants to meet with James Cramer now? And look they have the balls to boast about revenue they created.
NEWS RELEASE
Contact: Tony Squeglia
Coyote Network Systems
(818) 735-5385
E-mail: A.Squeglia@cyoe.com
Coyote Network Systems' CEO and COO Invite TheStreet.Com's Cramer To Meet
Westlake Village, CA – December 14, 1998 – Coyote Network Systems (Nasdaq: CYOE) said today that it invited James J. Cramer, chairman, TheStreet.Com (TSC) to meet on Thursday, December 17, with James J. Fiedler, chairman and ceo and Daniel W. Latham, president and coo, at Coyote's Engineering Center in Richardson, TX. TSC published articles on its Website that the Company believes are incomplete and misleading, and have caused serious harm to our Company, shareholders, customers and vendors.
In a letter sent to The Street.Com this morning, Latham said the purpose of the meeting is to demonstrate the progress made to date towards the Company's previously announced strategic plan and to visit the construction site where Crescent Communications telecom equipment will be located.
Latham said the Company's strategic plan is to leverage its core switching technology with emerging long distance carriers, provide them with switches, facilitate their attaining third-party equipment financing, and provide facilities-based network operations, service and support. The goal is to help those customers improve margins, increase quality of service, and provide a migration path to "next-generation" voice over data networks.
In addition, the Company plans to accelerate its growth by continuing to partner, take minority equity positions and/or acquire emerging switchless long distance resellers and complementary technology companies. Earlier this year, the Company acquired 80% of American Gateway Telecom, a wholesale provider of international long distance services to carriers, and 100% of INET, a provider of international long distance services, primarily to affinity groups, i.e., French and Japanese speaking people in the U.S. In keeping within its strategic plan, in September, the Company acquired a 19.9% equity interest in Crescent Communications, Inc., an emerging wholesale telecom service provider to select major international markets.
The Company also plans to accelerate growth through its recently announced joint venture-TelecomAlliance- that plans to add features, functions and assets to enhance switchless reseller's value. TelecomAlliance will offer growing switchless resellers the opportunity to route traffic over Coyote's growing network at reduced costs. TelecomAlliance plans to provide switches, arrange equipment financing, billing, traffic management, and network operations and support services. TelecomAlliance plans to carry traffic for up to 30 switchless resellers. To date, TelecomAlliance has Letters of Intent from 16 resellers.
Coyote Network Systems is a growing telecom provider of equipment and international long distance services. The Company has more than 100 employees and had revenues of more than $22 million for the first six months of fiscal '99. "We are proud of our customers, vendors, partners, employees and shareholders. We look forward to sharing our plans with TheStreet.Com," Latham said.
About Coyote Network Systems
Headquartered in Westlake Village, CA, Coyote Network Systems (CNS) provides telecom equipment and network services that enable and deliver local, long distance and Internet 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. CNS is authorized to provide competitive local exchange carrier (CLEC) 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 and Form 10-Q filings with the SEC.
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