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Phoenix Technology Holdings Inc. Achieves Pilot Milestone with Smart Chip Technologies Solution

TORONTO--(BUSINESS WIRE)--June 1, 2006--Phoenix Technology Holdings Inc. has surpassed 100,000 transactions for the month of May 2006 during one of the pilots of the SCTN incentive system. The pilot has been active since September 2005 and has had 100% system availability. The large nationally known restaurant chain using the technology has deployed more than 300 POS terminals with wireless, dial-up and Ethernet-based IP point of sale capability and has activated more than 200,000 magnetic stripe gift cards.

About Phoenix Technology Holdings Inc.

Phoenix Technology Holdings and its subsidiaries provide hosting, development, sales, client implementation, and system support for financial services products allowing clients to deploy sophisticated solutions easily and quickly.

About Smart Chip Technologies (Pink Sheets: SCTN)

Smart Chip Technologies' turnkey customer retention solution, including loyalty, pre-paid stored value, punch cards and gift cards enables issuers, acquirers and merchants to take advantage of real-time programs using their cardholder's existing cards using bar codes, magnetic stripes, smart chips, RFID, Internet accounts and other consumer electronic devices. The SCTN system is a scalable, high-performance, end-to-end solution that uses an ASP model to customize the system's look and feel to reinforce customer branding. (www.sctn.com)

For further information about Smart Chip Technologies, please call 702-314-2076.

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.