COYOTE BUYS MAJORITY STAKES IN 2 COMMUNICATIONS FIRMS.Byline: Ben Sullivan Daily News Staff Writer Coyote Network Systems said Wednesday it has taken a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in two telecommunications companies See telecom company. as part of an effort to become a major player in the overseas long distance market. The announcement sparked a run-up in Coyote shares, which closed up 68 cents Wednesday, or 10.19 percent, at $7.438. Coyote said it spent $5 million to acquire a 60 percent stake in Systeam SpA, an Italian company that makes software for transmitting voice, video and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the data. Coyote spokesman Tony Squeglia said Systeam is well-connected to several European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. national phone companies. As part of the deal, Coyote will also give Systeam owners 800,000 unregistered shares Coyote common stock. Also Wednesday, Coyote said it bought all of Apollo Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , a Salt Lake City telecom carrier specializing in overseas calls to Japan. Another Coyote subsidiary, Los Angeles-based Interactive Network Systems, specializes in calls to Japan and France. Coyote said it bought Apollo for 350,000 unregistered shares. Both deals are subject to regulatory approval, Squeglia said. |
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