Covert W.A.R.S. seems to be a 3D action game with a strong multiplayer component, that was planned for PC and Playstation. Very little is known about it outside of a video shown around E3 ’97 so we can speculate that the project was later cancelled, but let us know if you have any additional information!
In EGM special issue “Guide to E3 ’97” it was mentioned Playmates as publisher. From an old news on Gamespot ( ex-Videogames.com ) we can learn that the title was in development by Black Ops and production was halted in early ’98.