Press Release

Year 2006 / Wednesday February 22, 6:00 am ET

FreeStar Technology Corp's Rahaxi Processing Oy. Signs Sales Agreement With Finnish-Based WinHair Cash Management Systems

DUBLIN, Ireland, Feb. 22 /PRNewswire-FirstCall/ -- FreeStar Technology Corp. (OTC Bulletin Board: FSRT - News), an international card payments processor and technology company, signed a sales and referral agreement with WinHair Cash Management Systems "WinHair," a leading provider of cash management software solutions for hair salons and barbershops in Finland.

Under the terms of the agreement, WinHair is to 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 WinHair's client base with its wide variety of international standard products and services, including fast, secure online card payment processing.

Jyrki Matikainen, sales director of Rahaxi Processing Oy., said, "We are delighted that WinHair will be marketing Rahaxi-OTI, which provides a secure payment interface between the merchant, the banks and credit card acquirers." Matikainen added, "With our strong commitment to EMV compliance and services development, this agreement will enable Rahaxi access to new merchants and help increase its established merchant base."

"I see a great opportunity to serve our customers with a reliable, modern and a very competitive combination of Rahaxi Processing's products and services. We're glad to offer Rahaxi's products and services to our existing and new customers", said Matti Ketvell, managing director of WinHair.

Rahaxi-OTI was developed to meet high market demand. Traditional POS vendors require companies to expand services from platform to cash register as part of the POS application logistics. The Rahaxi-OTI(TM) application is managed centrally by Rahaxi and can be remotely updated when needed.

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 WinHair Cash Management Systems

WinHair Cash Management Systems, founded illy designed for hair salons and barbershops. WinHair's flagship software WinHair and WinHair Single offer merchants an easy, versatile and reliable pc-based solution for all needs created by cash transactions and customer service. With over 400 merchant clients, WinHair is the market leader in Finland in its chosen market sector. For more information, please visit http://www.winhair.net

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
E-mail: pegan@freestartech.com

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

Source: FreeStar Technology Corporation