Press Release

Year 2006 / Friday November 24, 5:30 am ET

FreeStar Technology Corporation Signs Service Agreement With Monex Financial Services Limited

Major multi-currency solutions provider to strengthen FreeStar Technology's capability in offering dynamic currency conversion solutions

DUBLIN, Ireland, Nov. 24 /PRNewswire-FirstCall/ -- FreeStar Technology Corp. (OTC Bulletin Board: FSRT - News) an international card payments processor and technology company, today announced that its has entered into a service agreement with Monex Financial Services Limited, a world leader in the provision of multi currency & card based acquiring solutions and particularly Dynamic Currency Conversion (DCC) solutions.

Under the terms of the agreement, FreeStar Technology will provide Monex with a fully multi- currency enabled cross-border technological platform for payments processing. Furthermore, Monex will enhance FreeStar Technology's product offering by providing a comprehensive treasury facility enabling dynamic currency conversion to both its existing and prospective client base.

Paul Egan, chief executive officer of FreeStar Technology, said, "By partnering with Monex, FreeStar Technology increases its value added service offerings in the market place. Monex is a world leader in the DCC arena and we are confident we can improve our product offerings and shareholder value as a result."

Egan added, "Monex client base which includes Ryanair, Hertz and Europcar will boost FreeStar Technology's profile in a highly competitive market place and we look forward to developing a mutually beneficial relationship with Monex moving forward."

Frank Murphy, managing director of Monex, said, "By having a proven technological partner in FreeStar Technology, we are enhancing our value to the market. By leveraging FreeStar Technology's proven technological platform and its business model, Monex's product offering has gained a reliable and future proof solution that can be of great benefit to our own revenue model and our clients alike."

About Monex Financial Services

Monex has developed an innovative approach to multi-currency credit and charge card processing. The Monex system offers a new revenue stream through the currency conversion process and thus provides the most profitable means of accepting and processing foreign cards - an added value service to merchants. The Monex Multi-Currency card processing system provides our merchants with the opportunity to earn new revenue and offer an added value service to its Customer.

The Company has grown substantially since its inception to become the Global Leader in Multi-Currency card processing, handling payments in excess of 3.5 billion EURO per year. The Company has operations in London, Dublin, Killarney (Headquarters), New York, Bangkok, Singapore, Dubai, Bahrain, Cape Town and Sydney, each serving to support our operations in these regions. For more information please visit www.monexfs.com.

About FreeStar Technology Corporation

FreeStar Technology Corporation provides mission critical solutions to the financial industry worldwide. Working with merchants and acquires in over twenty countries, our product suite has empowered partners to focus on their core competencies, while our innovative driven approach has allowed them to benefit from first to market advantage and realise their true potential. FreeStar Technology Corporation has adopted a partnership strategy for growth. Our partners are market leaders in their respective industries. These include IKEA, Finnair and Stockman. Our Subsidiaries Rahaxi Processing Oy Finland, FreeStar Technologies Ireland Limited and FreeStar Dominicana S.A. Dominican Republic, continue to develop and implement first class products and solutions that enhance the service level our partners can offer customers. For more information, please visit http://www.freestartech.com or http://www.rahaxi.com.

Source: FreeStar Technology Corporation