- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
<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.