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PRESS RELEASE

Year 2005 / Tuesday May 17, 10:22 am ET

FreeStar Confirms It Has Agreed to a Three Year Employment Contract with Chief Technical Officer

Enhancing the Foundation of the Company Management Team for the Next Several Years

NEW YORK--(BUSINESS WIRE)--May 17, 2005--FreeStar Technology Corporation (OTCBB: FSRT - News), a payment processing and Technology Company based in Helsinki, Finland, today announced the appointment of Angel Pacheco to the position of Chief Technical Officer.

Mr. Pacheco joins FreeStar at a time when the company is engaged in an ambitious plan to roll out its transaction processing technology in certain key European markets.

Paul Egan, President and Chief Executive Officer, stated that: "We are very excited to have Angel Pacheco on our team. Angel has a firm understanding of our goals, our markets, and the complex environment in which we operate, along with the technical expertise to bring our vision to life."

Mr. Pacheco commented on his new role, saying that: "We are truly living in a global economy. Every company trying to link into these tremendous hubs of commerce must now realize that there are no boundaries when it comes to business or technology. Our challenge is to build a company that has the capability to engage, co-create value, and succeed with any partner or customer regardless of geographic location, size, or business-technology infrastructure. I'm very excited by this opportunity to help build a world-class organization and engage in solid ventures and projects with strong partners and valued customers."

Ciaran Egan, FreeStar's Chief Financial Officer, added: "In Angel Pacheco, we feel we've found the right individual to help us bring our corporate vision to reality. The successful implementation of this vision will give us a tremendous competitive advantage in terms of flexibility and scale, which we intend to utilize in building value for our shareholders."

Prior to his role with FreeStar, Mr. Pacheco was the CIO for Blackstone Calling Cards and a leader in prepaid product distribution, where he led development of an innovative system to deliver prepaid products to POS devices and Kiosks.

Angel Pacheco brings over 20 years in application development and technology expertise, in the last 10 years he has been involved in technology projects in banking, finance and electronic payment processing.

Please refer to the company's Form 10-QSB for further information regarding FreeStar, its operations and its financial performance for the three months and six months ended December 31, 2004.

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.