Coyote Network Completes Stock Sale to Investors

Coyote Network Systems, Westlake Village, said it has completed a $15 million equity private placement to a group of investors. The company sold 3.2 million shares of unregistered stock at $4.75 per share. The company plans to use the cash to market its applications and develop new ones.

The company also said it has negotiated a financial services agreement with First Venture Leasing LLC and a consulting agreement with KRJ LLC. The company issued KRJ 2 million shares of unregistered stock with no registration rights.

Coyote provides telecommunications switching equipment, network carrier services and applications that enable carriers to bundle local, long distance and Internet services.