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PRESS RELEASE

Year 2005 / Wednesday May 25, 2:00 am ET

FreeStar Board of Directors Approve Application for Listing on Sweden's Nordic Growth Market - NGM

NEW YORK--(BUSINESS WIRE)-- May 24, 2005 -- FreeStar Technology Corporation (OTCBB: FSRT - News), announced today that its Board of Directors has approved a resolution to list the Company's common stock on the Nordic Growth Market exchange allowing more visible trading of its common stock to Nordic and Scandinavian investors. FreeStar has been aggressively pursuing projects in the Nordic and Baltic regions and following the protocol to bring them to fruition. FreeStar has engaged the services of the law firm Mannheirmir Swartling to complete its listing procedure.

Paul Egan, President and CEO of FreeStar Technology Corporation said, "In light of the Company's progress and recent developments, FreeStar seems well positioned for greater exposure. We have made great strides over the past several years and our interests focus on the execution of our business plan."

FreeStar will continue to deliver updates to its shareholders and the investment community as developments warrant.

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.

ABOUT Nordic Growth Market (NGM)

Nordic Growth Market (NGM) is the home of growth companies. NGM is an exchange under the supervision of the Swedish Financial Supervisory Authority. Nordic Growth Market offers listing and trading on the NGM Official list and the NGM Equity list and trading in derivatives on the Nordic Derivatives Exchange (NDX).

NGM has created an innovative and creative environment combined with an advanced technical platform in the background. For more information, please visit its website at www.ngm.se.

ABOUT Mannheirmir Swartling

Mannheimer Swartling is one of Sweden's largest law firms, and is also by international standards a law firm of significant size. Considerable resources are required to satisfy the growing demand among clients for cutting-edge legal skills and business strategy competence - resources not easily found in a small firm. For more information, please visit its website at www.mannheimerswartling.se.

SOURCE: FreeStar Technology Corporation.