Phoenix Announces Closing of Merger


MILPITAS, Calif., Nov. 23, 2010 -- Phoenix Technologies Ltd. (Nasdaq: PTEC), the global leader in core systems software (CSS), announced today that it has merged a wholly-owned subsidiary of Pharaoh Acquisition LLC, an affiliate of Marlin Equity Partners ("Marlin"). As a result of the merger, Phoenix has become an indirect subsidiary of Marlin, and the Company's common stock will no longer be publicly traded on the NASDAQ Global Market. Continuum Phoenix Advisors LLC, an affiliate of Continuum Capital Partners, has a minority interest in Pharaoh Acquisition LLC.

The merger was approved by Phoenix stockholders on November 19, 2010. Phoenix stockholders will receive $4.20 in cash, without interest, for each share of Phoenix's common stock that they own as of the effective time of the merger.

About Phoenix Technologies Ltd.

Phoenix Technologies Ltd. (Nasdaq: PTEC), the leader in core systems software products, services and embedded technologies, pioneers open standards and delivers innovative solutions that enable the PC industry's top system builders and specifiers to differentiate their systems, reduce time-to-market and increase their revenues. The Company's flagship products - Phoenix SecureCore Tiano(TM) and Embedded BIOS® -- are revolutionizing the PC user experience by delivering unprecedented performance, security, reliability, continuity, and ease-of-use. The Company established industry leadership and created the PC clone industry with its original BIOS product in 1983. Phoenix has over 200 technology patents issued and pending, and has shipped firmware in over one billion systems. Phoenix is headquartered in Milpitas, California with offices worldwide. For more information, visit www.phoenix.com.

About Marlin Equity Partners

Marlin Equity Partners is a Los Angeles-based private investment firm with over $1 billion of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries that are in the process of undergoing operational, financial or market-driven change where Marlin's capital, industry relationships and extensive operational capabilities significantly strengthens a company's outlook and enhances value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 35 acquisitions. For more information, please visit www.marlinequity.com.

About Continuum Capital Partners

Continuum Capital Partners is a private equity firm specializing in transformational investments. It focuses on complex investment opportunities in the technology and services sector, targeting private and public companies that operate in mature markets. Continuum partners with the company management to enact business strategies and operational transformations that unlock significant value and re-ignite growth.

Established in 2009, Continuum has the flexibility to execute different types of investments, including take-private and spin-out transactions, with the goal of maximizing the value of the business; for more information please visit www.continuumcapital.com.

SOURCE Phoenix Technologies Ltd.

Contacts:
Phoenix Technologies Ltd.
Robert Andersen
Tel: 408-570-1000

Web Site: www.marlinequity.com

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