[ Back ]

PRESS RELEASE

Year 2005 / Monday July 18, 6:00 am ET

FreeStar Technology's Rahaxi Processing Oy to Provide Secure, On-Line Electronic Payment Processing for Neocard´S Credit and Loyalty Cards

HELSINKI, Finland, July 18 /PRNewswire-FirstCall/ -- FreeStar Technology Corp. (OTC Bulletin Board: FSRT - News), an international card payments processor and technology company, today announced that its wholly owned subsidiary, Rahaxi Processing Oy. (Rahaxi), has entered in to an agreement with Neocard Oy (Neocard) to provide electronic payment processing for Neocard's credit and loyalty cards.

Mr. Jaakko Rytsola, Development Manager of Neocard, said, "This agreement with Rahaxi will provide Neocard fast and reliable access to variety of different new POS-devices and will help to increase the number of merchants able to accept the Neocard."

Mr. Jyrki Matikainen, sales director of Rahaxi, said, "We're delighted to be able to provide Neocard with swift, secure and fast on-line card payments processing. We look forward to a long and fruitful co-operation with a company like Neocard."

"Rahaxi's online, real-time, reliable system is winning more and more customers in Finland and throughout Europe. Though Neocard credit/loyalty cards were introduced only last fall, their use is spreading rapidly and Rahaxi is well equipped to support its growth," said Paul Egan, chief executive officer of FreeStar.

ABOUT Neocard Oy

Based in Helsinki, Finland, Neocard is a card payments company that introduced the Neocard credit/loyalty card scheme to the Finnish youth market in fall 2004. Neocard offers loyalty benefits to their cardholders in nightclubs, restaurants, movie theatres etc. across Finland. For more information, please visit Neocard Oy.'s website at http://www.neocard.fi.

ABOUT FREESTAR TECHNOLOGY CORPORATION

FreeStar Technology Corporation is a payment processing company. Its wholly owned subsidiary Rahaxi Processing Oy., based in Helsinki, is a robust Northern European BASE24 credit card processing platform. Rahaxi currently processes in excess of 1 million card payments per month for such companies 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 satellite offices in Dublin, Helsinki, and Geneva. For more information, please visit FreeStar's websites at http://www.freestartech.com, http://www.rahaxi.com.

SOURCE: FreeStar Technology Corporation.