Press Release

Year 2006 / Wednesday June 7, 5:30 am ET

FreeStar Technology Corp.'s Rahaxi Processing Oy. Signs Marketing Agreement With Finnish Vendor Oy Wike Ab Agentur

The Sales and Referral Contract Covers Point of Sale and Electronic Cash Register Sales Software and Hardware to More than 4,500 Finnish and Estonian Merchants

DUBLIN, Ireland, June 7 /PRNewswire-FirstCall/ -- FreeStar Technology Corp. (OTC Bulletin Board: FSRT - News), an international card payments processor and technology company, today announced that Rahaxi Processing Oy. signed a sales and referral agreement with Oy Wike Ab Agentur, one of Finland's largest independent providers of Point of Sale (POS) and Electronic Cash Register (ECR) software and hardware.

Under the terms of the agreement, Oy Wike Ab Agentur will market Rahaxi Processing Oy.'s wide variety of international standard payments processing products and services, including the EMV-compliant Hypercom® Optimum POS product family to its more than 4,500 merchant clients in Finland and Estonia.

FreeStar Technology President and CEO Paul Egan said, "Our strong commitment to national and international standards enables us to provide solutions that add value to our vendor partners, which in turn helps Rahaxi Processing expand its merchant base."

Oy Wike Ab Agentur's Director Kenneth Wikgren said, "Oy Wike Ab Agentur is strongly committed to this agreement and is pleased to offer Rahaxi Processing's high quality payments processing products and services to its new and existing merchant clients."

He added, "Rahaxi Processing's wide range of international standard payments processing products and services impressed us positively as from the start as did its organization. For example, Rahaxi Processing's staff initiated comprehensive product training, technical integration support and other assistance on its services and products portfolio, which will permit us to offer our merchant clients superior service."

Jyrki Matikainen, sales director of Rahaxi Processing Oy., said, "We are looking forward to working with Oy Wike Ab Agentur. As an established player in our market, Oy Wike Ab Agentur will be especially helpful in launching the sales of Hypercom® terminals."

About FreeStar Technology Corporation

FreeStar Technology Corp. is a payment processing company. Its wholly owned subsidiary Rahaxi Processing Oy., based in Helsinki, has a robust Northern European BASE24 credit card processing platform. Rahaxi currently processes in excess of 1.35 million card payments per month for such companies as Finnair, Ikea and Stockman. The company, based in Dublin, Ireland, maintains satellite offices in Santo Domingo, Dominican Republic, Helsinki and Geneva. For more information, please visit http://www.freestartech.com.

About Oy Wike Ab Agentur

With an established customer base of more than 4,500 merchants in Finland and Estonia, Oy Wike Ab Agentur is one of the largest independent ECR and POS vendors and distributors in Finland. Founded in 1986, Oy Wike Ab Agentur offers a wide variety of POS and ECR hardware and software solutions to merchants of all sizes in the retail and hospitality sectors in Finland and Estonia. For more information, please visit http://www.oywikeab.com.

Forward Looking Statements

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. When used in this press release, the words "expects," "anticipates," "believes," "plans," "will" and similar expressions are intended to identify forward-looking statements. These are statements that relate to future periods and include, but are not limited to, statements regarding our adequacy of cash, expectations regarding net losses and cash flow, statements regarding our growth, our need for future financing, our dependence on personnel, and our operating expenses. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, those discussed above as well as risks set forth above under "Factors That May Affect Our Results." These forward-looking statements speak only as of the date hereof. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The companies caution that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in FreeStar's Form 10-KSB filing and other filings with the U.S. Securities and Exchange Commission (available at http://www.sec.gov). FreeStar undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.

For more information, please contact:

At Oy Wike Ab Agentur
Mr. Kenneth Wikgren
Director
Tel: +358-(0)500-401-655
E-mail: wike@oywikeab.com
or
At Rahaxi Processing Oy
Mr. Jyrki Matikainen
Sales Director
Tel: +358 (0) 40-513-3304
E-mail: j.matikainen@rahaxi.com

Source: FreeStar Technology Corporation