Phoenix Technology US Inc. and Procco Sign MOU

LAS VEGAS, July 12, 2011 /PRNewswire/ -- Phoenix Technology US Inc. (Phoenix), the exclusive licensor of the (SCTN) Schimatic Cash Transactions Network.com, Inc. Patented Loyalty Technology d/b/a/ Smart Chip Technologies, LLC , and Procco Financial Services W.L.L., (Procco) a loyalty and payments solutions company and a subsidiary of The International Investor K.S.C. (TII), have announced that they have signed a Memorandum of Understanding to jointly pursue opportunities to market their complementary product sets in their respective markets.  The companies have also agreed jointly to put behind them all matters related to the recent litigation and to pursue projects which will enhance shareholder value for both companies.

In their joint remarks Procco CEO Yzelle Dewit and Phoenix CEO and Chairman Bernard McHale said that: "The purpose of this MOU is to establish the terms and conditions under which Procco and Phoenix will cooperate, pursuant to mutual beneficial business in the United States and the Middle East, providing marketing assistance within the respective territories. This MOU covers North America and the Gulf Cooperation Countries (GCC)." Regarding their new agreement, it was stated "that the primary motivation for them entering into this agreement is to harmonize their relationship from an adversarial litigious relationship into a mutually profitable commercial relationship by removing all grounds for legal actions/claims each Party has or may have against each other." Phoenix COO, John Hipsley explained, "Our companies have worked together cooperatively over several months to design a rewarding enterprise for all shareholders."

About the Companies:

Procco www.procco.net is a loyalty and payment solutions company that provides organisations the infrastructure, consultancy and execution to launch and maintain their own loyalty or payment programme and publicly operates under the Trade Mark brand of Selektpoints™. Procco has been established in Bahrain by The International Investor (TII) www.tii.com, a leading financial shareholding company in Kuwait. Licensed by the Bahrain Monetary Agency, Procco provides a full range of Sharia-compliant services and transaction processing, both to TII companies and to others wanting dedicated Sharia-compliant 'back offices' supporting their financial products. Procco services are based on a Service Oriented Architecture technology platform and its offering includes contract and product management, transaction processing, call center, risk management, application and data control as well as finance and administration functions.

SCTN: Schimatic Inc. (Schimatic) based in Las Vegas, Nevada trades under the symbol SCTN. Schimatic is doing business as Smart Chip Technologies (SCTN) LLC.  SCTN is a patent licensing company that has an Exclusive Marketing and Licensing Agreement with Phoenix Technology US Inc. to market and design a process to deploy its Patented Loyalty System. www.sctn.com

PHOENIX: Phoenix Technology US Inc. (Phoenix) is engaged in the marketing, design, research, development, and integration of the proprietary processes incorporating smart software technologies for the electronic payment industry. Phoenix has the exclusive worldwide sales, marketing, and distribution rights of the entire suite of SCTN IP and trademarks to market their services on behalf of SCTN. www.phoenix-tec.com

Contact: Bernard McHale, 702-361-3624, [email protected] or [email protected], or John Hipsley, 408-507-5423

SOURCE Phoenix Technology US Inc.; Schimatic Inc.