Press Release

Year 2006 / Monday February 6, 8:00 am ET

Moberge Group Acquires a Major Position in Freestar Technology Corporation

STOCKHOLM, Sweden--(BUSINESS WIRE)--Feb. 6, 2006--The Swedish Moberge Group today announced that it has signed an agreement to acquire a major position in Freestar Technology Corporation (OTCBB: FSRT - News), a payment processing and technology company based in Dublin, Ireland with primary operations in Helsinki, Finland. Mr. Soren Moberg, chairman of Moberge Group, stated that "I have been investing for over 25 years and this is one of the most compelling opportunities I have seen. We consider Freestar a very strategic investment, and we are coordinating a larger group of Swedish, Swiss, and British investors to participate in this opportunity. The investment will be in the form of newly-issued common stock; based upon its current capital structure, the acquisition could amount to approximately 24% of the outstanding common stock of Freestar.

Mr. Moberg, also a well known Swedish financial writer and analyst, added that "It is rare that we find an opportunity which so strongly matches all of the criteria by which we analyze our potential investments. Freestar Technology is just such a company. They have completed their initial phase of product development, and have attained an early position in a market which we believe is about to experience explosive growth. Freestar is poised both geographically and with a powerful product offering to fully exploit this market position. They have developed an end-to-end secure transaction processing solution, fully compliant with the newly-required EMV Standard. (1) The Company also has an extremely strong management team, which has successfully cultivated alliances with key players within the payment processing industry. Additionally, the Company's client portfolio is remarkable, and provides the foundation for extensive long-term growth. Our analysis indicates that Freestar is about to enter a five year growth-explosion in volume and yield. We believe that Freestar shares are currently traded at an extremely low market cap / price per share based upon potential future earnings.

Mr. Moberg continued, "Freestar is a strategic choice for us and great way to enter the markets of Europe, Eastern Europe and the Far East, including China. Freestar's competence and strategic position, based in Finland, will make it easier to penetrate Russia and China. Freestar is a key Strategic partner for anyone who has the ambition to be on the frontline of the payment industry, and we are proud to announce that we have become one of them.

(1) The EMV standard, which is a body formed by Europay, MasterCard and Visa ("EMV"), ensures global interoperability across cards, platforms, and devices, and establishes the magnetic stripe to chip migration path and an open platform for payment cards.

For more information, please contact:

Moberge Finance
Soren Moberg, +46-8-7200900
Mobile: +46-707-477499
Mail: sim4u@mac.com

Source: Moberge Group.