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

LAS VEGAS, Nov. 3, 2010 /PRNewswire/ -- Phoenix Technology Holding Inc. (PTHI), Schimatic Cash Transactions Network.com, Inc (Pink Sheets: 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 news release can be found on their individual web-sites

PHOENIX TECHNOLOGY HOLDING US-For more information contact Bernard McHale at [email protected] or  [email protected], phone 702 309 7051, or at www.phoenix-tec.com

SCHIMATIC CASH TRANSACTIONS NETWORK INC DBA SMART CHIP TECHNOLOGIES LLC receives  royalty payments for usage of its products.  For more information contact Bernard McHale, CEO at [email protected]  or Stephanie Mosqueda at 702 309 7052 or e-mail www.sctn.com

Disclaimer:

Any statements contained in this document that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties.

SOURCE Phoenix Technology Holding Inc.