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, bmchale@sctn.com or bernard_mchale@phoenix-tec.com,
or John Hipsley, 408-507-5423
SOURCE Phoenix Technology US Inc.; Schimatic Inc.