News

Coyotenet completes merger

February 5, 2002

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CALGARY, Alberta - Coyotenet Communications Group Inc., a Canadian provider of pay-per-use public Internet access terminals in North America, has completed its agreement to combine its assets with PanGlobel.com Inc., described in a news release as a "capital pool company."

Coyotenet, which currently operates nearly 200 Internet access terminals in Canada and the United States, will have 13.4 common shares outstanding. That includes 4.5 million shares held by PanGlobel stockholders, which received Coyotenet shares on a one-to-one basis. The remaining 8.9 million shares were issued to stockholders of the former company, Coyotenet Inc.

The company's stock will be listed on the Canadian exchange (CDNX: COY) after approval. Until then, the stock is listed under PanGlobel's former symbol, PBL.