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
bernard.mchale@phoenix-tec.com or
Stephanie.Mosqueda@phoenix-tec.com, 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 www.bmchale@sctn.com
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.