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PRESS RELEASE

Year 2005 / Wednesday August 10, 6:00 am ET

FreeStar Technology's Rahaxi Subsidiary Reports Transaction Processing Volume Rose 19% in Fiscal Year Ended June 30

Company Expects Volume to Average 5 Million Transactions Per Month in Fiscal Year 2006

NEW YORK, Aug. 10 /PRNewswire-FirstCall/ -- FreeStar Technology Corporation (OTC Bulletin Board: FSRT - News) today announced that transaction processing volume of its Rahaxi Processing Oy. subsidiary rose 19% in the fiscal year ended, June 30, 2005, from the year earlier period.

Transactions averaged 1.3 million per month, or more than 15.5 million individual transactions during the fiscal year.

FreeStar Technology CEO Paul Egan said, "We are very pleased with Rahaxi Processing Oy.'s progress in acquiring new customers in the Finnish and Baltic states region in the past year. Each new customer is a testimony to the reliability and speed of our processing systems."

"In the year ahead," he said, "we expect further gains from contracts that have been signed or are currently under negotiation with new customers in Europe and Asia as well as in the Finnish-Baltic states market."

Egan added that he expects in the July 30, 2005, to December 31, 2005, period that the company will average 2 million transactions a month, a gain of 25 per cent per month, as a result of the gain in customers.

"Moreover, we estimate from contracts we have signed that for fiscal year 2006, we will be averaging 5 million transactions a month."

The Company also recently announced that Rahaxi Processing Oy. has entered into an agreement with Neocard Oy. (Neocard), a Finnish card payments company, to provide electronic payment processing for Neocard's credit and loyalty cards. Mr. Egan stressed that this is further evidence of Freestar's continued implementation and rollout of its cross-border transaction processing capability.

ABOUT FREESTAR TECHNOLOGY CORPORATION

FreeStar Technology is a payment processing and technology company operating a robust Northern European BASE24 credit card processing platform based in Helsinki, Finland. FreeStar currently processes approximately 1,000,000 card payments per month for an established client base that comprises companies such as Finnair, Ikea and Stockman. FreeStar is focused on exploiting a first-to-market advantage for its Enhanced Transactional Secure Software (ETSS), 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 Santo Domingo, Dominican Republic, maintains satellites offices in Stockholm, Dublin, Ireland, Helsinki, Finland, and Geneva, Switzerland. For more information, please visit FreeStar Technology's websites at http://www.freestartech.com, http://www.rahaxi.com.

SOURCE: FreeStar Technology Corporation.