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EDGAR FILINGS

Year 2006 / May 12

FREESTAR TECHNOLOGY CORPORATION (FSRT.OB)

Sale of Equity, Financial Statements and Exhibits

ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES.

On February 21, 2004, the Registrant issued the following unregistered (restricted) securities of the company to Paul Egan and Ciaran Egan for services rendered to the company, as follows:

Paul Egan: (a) an option covering 2,500,000 shares of common stock, exercisable at $0.01 per share for a period of ten years (this was immediately exercised into free trading shares of common stock under the company's Stock Incentive Plan registered under a Form S-8) (see Exhibit 4); (b) 10,000,000 shares of common stock, valued at $1,900,000 ($0.19 per share); and (c) 1,000,000 shares of Series B preferred stock.

Ciaran Egan: (a) an option covering 2,500,000 shares of common stock, exercisable at $0.01 per share for a period of ten years (this was immediately exercised into free trading shares of common stock under the company's Stock Incentive Plan registered under a Form S-8); (b) 10,000,000 shares of common stock , valued at $1,900,000 ($0.19 per share); and (c) 500,000 shares of Series B preferred stock.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

Exhibits.

Exhibits included are set forth in the Exhibit Index pursuant to Item 601 of Regulation S-B.