Phoenix to be Acquired by Marlin Equity Partners at $4.20 per Share

Phoenix Technologies Ltd.

today announced The Gores Group has indicated it does not intend to submit any further proposals to acquire the outstanding securities of Phoenix. On October 31, 2010, Gores had submitted a definitive proposal to acquire the outstanding shares of Phoenix common stock for $4.20 per share in cash. Marlin Equity Partners promptly matched Gores' proposal with an amendment to the definitive merger agreement previously entered into by Phoenix and affiliates of Marlin on August 17, 2010, and will now acquire all outstanding securities of Phoenix for $4.20 per share in cash, or approximately $152 million in total consideration.