COYOTE NETWORK SYSTEMS INC
8-K, 1999-05-05
TELEPHONE & TELEGRAPH APPARATUS
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 8-K



                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                     the Securities and Exchange Act of 1934


                Date of Report (Date of Earliest Event Reported):
                                 April 20, 1999



                          COYOTE NETWORK SYSTEMS, INC.
             (Exact Name of Registrant as Specified in its Charter)

         Delaware                       1-5486                   36-2448698
- ----------------------------    -----------------------      ------------------
(State or other jurisdiction    (Commission File Number)       (IRS Employer 
     of incorporation)                                       Identification No.)



                             4360 Park Terrace Drive
                           Westlake Village, CA 91361
                    (Address of principal executive offices)

                    Registrant's Telephone Number, including
                            area code: (818) 735-7600




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<PAGE>
   
Item 5.  Other Events

         On April 20, 1999 the Company  announced it had  cancelled its proposed
acquisition of Apollo  Telecom,  Inc. A copy of the press release is attached as
Exhibit 99 hereto and is hereby incorporated by reference herein.


Item 7.  Financial Statements and Exhibits

         (c)   Exhibits

               99.  Press Release issued by Coyote Network Systems, Inc. 
                    on April 20, 1999.




<PAGE>

                                   SIGNATURES


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Dated:   May 5, 1999                    COYOTE NETWORK SYSTEMS, INC.


                                        By:   /s/ James J. Fiedler
                                              -------------------------
                                              James J. Fiedler
                                              Chairman of the Board and
                                              Chief Executive Officer



                                   EXHIBIT 99

COYOTE NETWORK SYSTEMS, INC.                                       NEWS RELEASE

Contact: Tony Squeglia
         Coyote Network Systems
         818-735-5385
         e-mail: [email protected]

      Coyote Network Systems Cancels Proposed Acquisition of Apollo Telecom

Westlake  Village,  CA - April 20, 1999 - Coyote Network Systems (Nasdaq:  CYOE)
today  announced it has cancelled 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.

"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:  http://www.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.


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