Coyote Network Cancels Apollo Telecom Purchase

Coyote Network Systems of Westlake Village said it has canceled its proposed acquisition of Apollo Telecom Inc., citing recent downturns in Apollo’s domestic market.

In February, Coyote had announced a plan to buy Apollo for 350,000 shares of Coyote common stock.

Coyote said it would continue to work with parent company Apollo KK of Tokyo, as an Asian distributor of Coyote products.

Based in Salt Lake City, Utah, Apollo Telecom is a long-distance service carrier for international and domestic markets.

Coyote Network Systems provides telecommunications equipment, international long distance and network integration services.