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EXHIBIT 99.1
PRESS RELEASE
Orlando, August 22 - Phoenix International Ltd., Inc. (Nasdaq:PHXX).
The Company announced today that it and its auditors, Ernst & Young LLP, are
reviewing the revenue recognition accounting treatment of several contracts,
including four contracts with international customers, for the fiscal years
1997-1999. Until this review is completed, the Company's financial statements
for these periods should not be relied upon. The Company was unable to file its
Form 10-Q for the three month and six month periods ended June 30, 2000 because
of the uncertainty of the impact the review of revenue recognition for prior
years might have on current periods. Without taking into account that impact,
the Company would have reported net losses for the three months and the six
months ended June 30, 2000 substantially larger than the losses for the
corresponding periods in 1999.
Phoenix provides integrated software applications for the financial
services industry worldwide. Its products include a client/server retail
banking system. Phoenix also offers its system on an outsourced basis through
its application service centers.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These statements
include all statements that are not statements of historical fact and relate to
the intent, belief, plans or expectations of Phoenix.
