CALGARY, ALBERTA--(Marketwire - May 14, 2010) - Phoenix Technology Income Fund ("Phoenix") (TSX:PHX.UN) confirms that the monthly cash distribution for the month of May in the amount of $0.04 per trust unit, will be paid on June 15, 2010 to unitholders of record on May 31, 2010.

About Phoenix Technology Income Fund

Phoenix Technology Income Fund provides horizontal and directional drilling services to oil and natural gas exploration and development companies in Canada, the United States, Peru and Albania. Phoenix's trust units are listed on the Toronto Stock Exchange under the symbol "PHX.UN".

FOR FURTHER INFORMATION PLEASE CONTACT:

Phoenix Technology Income Fund
John Hooks
President and Chief Executive Officer
(403) 543-4466

or

Phoenix Technology Income Fund
Cameron Ritchie
Chief Financial Officer
(403) 543-4466
www.phoenixcan.com

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.