Press Release

Year 2006 / Wednesday January 11, 11:33 am ET

FreeStar Technology Corp.'s Rahaxi Processing Oy. Enables Computer Program Unit Oy.'s Payment System Software Achieve EMV Certification

Rahaxi Processing's Secure Payment Interface Provides Platform For EMV-Compliant Payments

DUBLIN, Ireland, Jan. 11 /PRNewswire-FirstCall/ -- FreeStar Technology Corp. (OTC Bulletin Board: FSRT - News), an international card payments processor and technology company, today announced that its subsidiary Rahaxi Processing Oy., based in Helsinki, has provided the EMV-compliant platform to enable Computer Program Unit Oy. (CPU) to achieve EMV-certification for its Finnish-based terminals and payment processing software.

A long time partner of Rahaxi Processing, CPU is now able to offer a wide range of Rahaxi Processing's international standard services, such as secure online payments processing and EMV-chipcard payments processing to its merchant clients.

Paul Egan, chief executive officer of FreeStar Technology Corp., said, "As the rollout of the fully compliant EMV-chip cards, EMV-certified hardware and software solutions gets nearer in Finland, Rahaxi is fully equipped and committed to the implementation of the new security standard."

Sales Director Jyrki Matikainen of Rahaxi Processing said, "We are proud that a long-term partner like CPU Oy. has chosen us to advance to the EMV chip card realm from the traditional magnetic stripe. Successful EMV certification from end-to-end is a clear sign of good partnership and mutual trust."

CPU Managing Director Matti Lahtinen said, "We are delighted to have been EMV-certified. Achieving certification is a rigorous and demanding process, but now that we have been fully EMV-certified, we can update with ease our customers to the new standard during 2006."

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 1.3 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 Computer Program Unit Oy

Computer Program Unit Oy. ("CPU Oy."), founded in 1986, is a software house based in Joensuu, Finland. CPU Oy specializes in cash register operations and provides hardware and software solutions for all needs created by cash transactions in connection with customer service. CPU Oy.'s own cash management solution KASSAPANKKI has been installed in more than 750 Point-of-Sale devices across Finland, including cities and towns, municipalities, universities, vocational institutes, magazine publication houses and energy companies. CPU Oy.'s customers include University of Helsinki, City of Lahti, Keskisuomalainen Oyj, Vantaan Energia and The Oulu Region Joint Authority for Vocational Training. For more information, please visit www.cpu.fi

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:

FreeStar Technology Corporation,
Paul Egan
Tel: 809-368-2001
pegan@freestartech.com

At Rahaxi Processing Oy
Mr. Jyrki Matikainen
Sales Director
Tel: +358-40-5133-304
jyrki.matikainen@rahaxi.com

At Computer Program Unit Oy
Mr. Matti Lahtinen
Managing Director
Tel: +358-500-276-726
matti.lahtinen@cpu.fi

Stern & Co.
Arun Chakraborty
Tel: 212-888-0044
achakrab@sternco.com

Source: FreeStar Technology Corporation