HELSINKI, Finland, May 9, 2007 (PRIME NEWSWIRE) -- FreeStar Technology Corp. (OTCBB:FSRT) an international card payments processor and technology company, today announced that its Helsinki subsidiary, Rahaxi Processing Oy, has reached a milestone. Over 1500 EMV (Europay MasterCard Visa) Chip and Pin systems have been installed in the Finnish market, used as POS software solutions for the retail and hospitality sector and other industries, such as automotive and wholesale. The installed Point-of Sale solutions come from the Optimum product family from the worlds leading payment device manufacturer Hypercom(r), the in-house developed Rahaxi-OTI(tm) (Open Terminal Interface) middleware software solution and the PayCell MPT 500 mobile payment terminal manufactured by Thyron Systems Ltd.
EMV has set international standards to combat certain types of bank fraud. It is expected the EMV system will replace the magnetic strip with a chip on all credit and bank cards around the world.
The EMV system installations coincide with FreeStar's business plan and will further increase revenues and shareholder value. FreeStar President and CEO Paul Egan said, "Facilitating financial transactions requires leading edge technology to ensure safety and security for the customer. The EMV system does just that and we are confident that it will further drive our presence in the marketplace resulting in greater market share." This first 1500 terminals represents Rahaxi inroads to a large share of the estimated sixty- thousand plus terminal landscape in the Finish market today, Egan also stated, "With Rahaxi Cross border reach into Europe and Baltic states, Rahaxi has now proven its business model to provide EMV terminal and processing not just in the Finish market but to a wider client base. With the new SEPA rules allowing processors to transact across the European community, which will come into effect January 2008, Rahaxi has a leading edge to new markets."
Managing Director of Rahaxi Processing Oy, Dr. Jose Enrique Perez added, "As we celebrate the milestone of our 1500th EMV Point-of Sale installation in the Finnish market, we also continue to invest in our products and services offering that build upon the vast experience of our installations. This will result in revenue growth and further increase in EMV-installations in coming months as the migration to EMV-standard rapidly gains pace among Finnish merchants."
About FreeStar Technology Corporation
FreeStar Technology Corp. provides mission-critical solutions to the financial industry worldwide. Working with merchants and acquirers in more than twenty countries, its product suite has empowered partners to focus on their core competencies, while its innovative driven approach has enabled them to benefit from first to market advantage and realize their true potential. FreeStar Technology has adopted a partnership strategy for growth. Its partners are market leaders in their respective industries. These include IKEA, Finnair and Stockmann. Its subsidiaries, Rahaxi Processing Oy., Finland, FreeStar Technologies Ireland, Ltd., and FreeStar Dominicana S.A. Dominican Republic, continue to develop and implement first class products and solutions that enhance the service level its partners can offer their customers. For more information, please visit http://www.freestartech.com and http://www.rahaxi.com
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.
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