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PRESS RELEASE

Year 2005 / Wednesday December 7, 10:00 am ET

FreeStar Technology Corp.'s Rahaxi Processing Oy. Introduces OTI, a Turnkey Solution For Point-Of-Sale Software Providers

DUBLIN, Ireland, Dec. 7 /PRNewswire-FirstCall/ -- FreeStar Technology Corp. (OTC Bulletin Board: FSRT - News), an international card payments processor and technology company, today announced that its Rahaxi Processing Oy. Subsidiary, based in Helsinki, has launched a new product, Rahaxi-OTI^(TM) (Open Terminal Interface), an in-house developed and managed middleware solution for Point Of Sale (POS) equipment vendors.

Paul Egan, chief executive officer of FreeStar Technology Corp., explained that Rahaxi-OTI^(TM) provides a secure payment interface between the merchant, the banks and credit card acquirers. All payment related transaction types are supported; also both traditional magnetic cards and EMV chip cards are enabled through Rahaxi-OTI^(TM).

Rahaxi-OTI^(TM), he added, is a turnkey solution for POS software providers and makes it easy for them to join merchants to the payment framework through a clear and reliable interface. Rahaxi-OTI^(TM) acts as gateway to Rahaxi's payment switch through the Internet, secured with mutual identification and secure SSL tunnel between the merchant and Rahaxi's service.

Egan said, "Rahaxi-OTI^(TM) has carefully tuned itself to be one of the fastest payment mechanisms in the market."

Initially to be launched in the Finnish market, Rahaxi's OTI software will be marketed through channel partners, such as POS suppliers and retail system integrators.

Rahaxi-OTI^(TM) 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. Fueling the new technology is the EMV standard, which requires EMV chip card readers on counter desks and requires POS vendors to understand EMV card technology.

Rahaxi-OTI^(TM) also uses PKI infrastructure for secure authentication and for the encryption of messages.

The Rahaxi-OTI^(TM) application is managed centrally by Rahaxi and can be remotely updated when needed. The Rahaxi-OTI^(TM) combination also builds channels to update the EMV kernel on the pin pad, when the device manufacturer requires it.

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.