Phoenix Technology Holding Inc, Schimatic Cash Transactions Network DBA Smart Chip Technologies LLC, and TII Menalco Settle Lawsuit

November 2, 2010

LAS VEGAS, Nov. 2, 2010 /PRNewswire/ — Phoenix Technology Holding Inc. (PTHI), Schimatic Cash Transactions Network.com, Inc (SCTN), dba Smart Chip Technologies, LLC The International Investor K.S.C.C., Menalco, FZE (collectively “TII”) have settled the lawsuit commenced in 2007. The settlement and dismissal was filed in the Nevada Federal Court on Friday, the 29th of October, 2010.

The Company’s Management and its Board of Directors in consultation with our attorneys determined that it was in the best interest of Phoenix and SCTN to settle rather than continue the litigation. The cost to continue to trial would be prohibitive and when combined with the risks of continued litigation, it was clear that we should direct our resources and energy to projecting the value of the services that our companies bring to clients and customers that simultaneously build value for our shareholders.

CEO, Bernard F. McHale.

Note: More information concerning the parties in this press release can be found on their individual web-sites

PHOENIX TECHNOLOGY HOLDING INC (PTH)-For more information on the company, contact Bernard F. McHale, CEO by e-mail at bernard.mchale@phoenix-tec.com or Stephanie.Mosqueda@phoenix-tec.com or by phone at 702 309 7051. More information is available on the company web-site at www.phoenix-tec.com

SCHIMATIC CASH TRANSACTIONS NETWORK INC DBA SMART CHIP TECHNOLOGIES LLC (SCTN) For more information on the company, contact Bernard F. McHale, CEO at by e-mail at bmchale@sctn.com or Stephanie Mosqueda at 702 309 7052 or by e-mail at www.sctn.com

SOURCE Phoenix Technology Holding, Inc.

Source: newswire

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