Coyote Network to Acquire Group Long Distance

Coyote Network Systems Inc. in Westlake Village said it has signed a letter of intent to acquire Group Long Distance Inc., a reseller of long-distance services to small- and medium-sized businesses and residential customers with competitive local exchange carrier licenses in more than 40 states. GLDI shareholders would receive about $5.6 million in shares of Coyote Network Systems common stock, in exchange for 100% of the equity interest in GLDI.

GLDI’s operations would be merged into Coyote’s international long-distance subsidiary, INET Interactive Network System Inc., a facilities-based telecommunications service provider that markets international and domestic long distance, primarily to affinity groups.