Phoenix Announces Closing of Merger with Pharaoh Acquisition

Phoenix Technologies Ltd.

announced today that it has merged a wholly-owned subsidiary of Pharaoh Acquisition LLC, an affiliate of Marlin Equity Partners. 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.