Press Release

Year 2006 / Monday October 16, 5:30 am ET

FreeStar Technology's Rahaxi Processing Oy. Achieves EMV Mastercard Finnish Certification for Thyron Systems's Mobile Payment Terminals

To Provide Card Terminals in Retail Stores, Buses and Taxis

DUBLIN, Ireland, Oct. 16 /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 enabled Thyron Systems to achieve EMV-certification for its mobile payment terminals in the Finnish market.

Thyron Systems specializes in the development of cost effective payment solutions to businesses in the retail, hospitality and transportation industries. Thyron Systems is a market leader in mobile and portable payment solutions and is one of the few manufacturers to have received the EMV MasterCard certification for its payment terminals in Finland.

Thyron Systems will provide Rahaxi Processing with the latest Chip & Pin (C&P) accredited payment terminals exclusively for the Finnish market.

As a result of Thyron's EMV certification in Finland, Rahaxi Processing has purchased 500 Thyron Systems mobile terminals and has placed orders for 1,000 more to satisfy the demand. Rahaxi Processing estimated that 2,000 Thyron mobile terminals will be used by buses, 1,600 by taxies and about 1,500 by restaurants, delivery services and breweries over the next twelve months in Finland.

Paul Egan, chief executive officer of FreeStar Technology, said, "We are proud that Thyron Systems mobile terminals have achieved the rigorous EMV certification in Finland."

"Our ability to offer EMV certified, state of the art mobile payment devices from an established brand name like Thyron Systems will help us in expanding our merchant base and ensuring our position as a leading payment processor in Finland," he added.

"Now," he concluded, "we can launch a mobile payment solution for the retail, hospitality and transportation industries immediately. We are eager to work with Thyron Systems in exploring opportunities in the key markets outside Finland once we establish our footprint in the Finnish market."

Garrett Clifford, sales manager, Thyron Systems, said, "We are delighted to receive EMV certification for our mobile payment systems in Finland."

"Since our first meeting with Rahaxi in March, I have been extremely impressed at how quickly this project has moved. Undoubtedly, Rahaxi Processing is now a prime candidate to place mobile and portable solutions throughout Finland. Rahaxi Processing has worked very thoroughly in ensuring that this certification process went without any hitches."

"It was passed by Mastercard on the first submittal, which proves that Thyron Systems made a wonderful choice in choosing Rahaxi Processing as its exclusive partner for Finland," he said.

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 THYRON SYSTEMS LTD.

Thyron Systems Ltd, a UK-based company with an established pedigree in the mobile payment sector, specializes in the creation and development of cost effective payment solutions to businesses in the retail, hospitality and transportation space. Located just north of London in Watford, Thyron is an independent privately owned company, which has increased its presence in several mainland European territories in recent years. Thyron has worked with the major UK and Irish acquiring banks during the recent roll out of Chip and Pin in both locations. For more information, please visit http://www.thyron.com.

Source: FreeStar Technology Corporation