Press Release

Year 2006 / Wednesday October 11, 5:30 am ET

FreeStar Technology Corp.'s Rahaxi Processing Oy Signs Sales Agreement with Finnish-Based Point-of-Sale Software Vendor MaestroYhtiot / Mikromaestro Oy

DUBLIN, Ireland, Oct. 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 entered into a sales referral agreement with MaestroYhtiot/Mikromaestro Oy, a point-of-sale software vendor in Finland.

Under the terms of the agreement, MaestroYhtiot will market Rahaxi-OTI^(TM) (Open Terminal Interface), an in-house developed and managed middleware solution, to its merchant clients. In addition, the agreement will enable Rahaxi to provide MaestroYhtiot's client base with its wide variety of international standard products and services, including fast, secure online card-payment processing and EMV chip card processing as the migration to the EMV standard gains pace among Finnish merchants.

Rahaxi will benefit from the agreement with MaestroYhtiot which has approximately 200 clients and 6,000 terminals and generates approximately 7.2 million transactions annually.

Paul Egan, chief executive officer of FreeStar Technology, said, "We are delighted that a highly respected distributor such as MaestroYhtiot will be marketing Rahaxi-OTI^(TM) to its client base of more than 500 merchants. The agreement is an important endorsement of RAHAXI-OTI^(TM), which provides a turn-key, secure, EMV-certified payment interface among the merchants, banks and credit-card acquirers."

Egan added, "With our strong commitment to PCI compliance and product and services development, this agreement will enable Rahaxi access to new merchants and help increase its established merchant base."

Turo Puittinen, managing director of MaestroYhtiot, said, "Our careful analysis and evaluation by our software experts found Rahaxi's products to be the most highly developed and advanced payments-processing products in the Finnish market today. In addition, the ease of integration of the Rahaxi- OTI^(TM) to our existing software products will greatly benefit our clients."

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 2 million card payments per month for such companies as Finnair, Ikea and Stockmann. FreeStar is focused on exploiting a first-to-market advantage for its Enhanced Transactional Secure Software, which is a software package that empowers consumers to consummate e-commerce transactions with a high level of security using credit, debit, ATM (with PIN) or smart cards. 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 or http://www.rahaxi.com.

About MaestroYhtiot / Mikromaestro Oy

MaestroYhtiot/Mikromaestro Oy, founded in 1986, is an independent Finnish technology company that specializes in complete end-to-end software and information systems for retail and hospitality sectors. MaestroYhtiot/Mikromaestro Oy's client base of more than 500 merchants in Finland includes Vianor Oy, AD-autorepair chain, BromanGroup Oy, Datainfo Oy and Nokia Tyres Oyj. For more information, please visit http://www.maestro.fi

Source: FreeStar Technology Corporation