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PRESS RELEASE

Year 2007 / Wednesday August 15, 8:14 am ET

FreeStar Technology Corporation Enters Into Strategic Partnership and Distribution Agreement With Spectra Technologies, the Leading Chinese Electronic Payments Solution Provider

The Agreement Gives Rahaxi Processing Oy Exclusive Distribution and Marketing Rights to 8 European Countries

HELSINKI, Finland, Aug. 15, 2007 (PRIME NEWSWIRE) -- FreeStar Technology Corp. (OTC Bulletin Board: FSRT - News), an international card payments processor and technology company, today announced that its Finnish-based, wholly owned subsidiary, Rahaxi Processing Oy, has entered into an exclusive distribution agreement with Spectra Technologies Holdings Co., the Greater China leader in design and development of electronic transaction solutions. Under the terms of the agreement, Rahaxi Processing Oy will exclusively distribute and market Spectra Technologies' state-of-the-art technologies including EMV- and PCI-certified Point-of-Sale payment terminals in Norway, Finland, Sweden, Ireland, Iceland, Estonia, Latvia and Montenegro.

Mr. Bango Ning, Regional Business Development Manager of Spectra Technologies, commented on the agreement: ''Spectra is very glad to cooperate with Rahaxi Processing Oy, a technology leader in the transaction processing industry. By partnering with Rahaxi Processing Oy, we are very confident that we will have a great success in the Nordic region.''

Dr. Jose Enrique Perez, Managing Director of Rahaxi Processing Oy, said: ''Partnering with Spectra Technologies enables us to offer merchants and partners state of the art technology and low cost EMV/PCI solution in a very competitive market. Spectra Technology has a very strong product portfolio, and great support. We have a tremendous opportunity ahead of us in the Nordic region where migration to EMV- and PCI-standards rapidly gains pace. This agreement represents an opportunity for over 80,000 delivered payment terminals within the next 3 years.''

ABOUT EMV and PCI

EMV is an international standard, developed in response to certain types of bank card fraud. In time, EMV will replace the magnetic strip with a chip all over the world, on both credit cards and other bank cards. This will change some payment transactions. The name EMV stands for the initiating organisations, namely the former Europay, and the international organisations MasterCard and Visa.

PCI/DSS is a set of industry-wide requirements and processes (instituted by Visa, MasterCard, Diners, AMEX, JCB and Discover) that ensure the security of valuable cardholder account data. PCI DSS includes requirements for security management, policies, procedures, network architecture, software design and other critical protective measures.

ABOUT Spectra Technologies Holdings Co. Ltd.

SPECTRA Technologies, founded in 1993, is the Greater China Leader in design and development of electronic transaction solutions. SPECTRA Technologies' state-of-the-art technologies include the world's first integrated cordless transaction solution, self-service electronic transaction solution, security magnetic card reader and detachable IC card and SAM card module. With the combination of innovation and pragmatism, SPECTRA Technologies' pioneering hardware and software have won top honours at various award ceremonies.

For more information, please visit http://www.spectratech.com

SOURCE: FreeStar Technology Corporation.