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PRESS RELEASE

Year 2007 / Monday May 21, 6:00 am ET

FreeStar Technology Corporation Achieves Record Quarterly Revenue, Generating 128% Growth Increase

2007 On Track for its Highest Annual Revenue, Nine Months ended March 31st 2007 Exceeds Total Revenue for Fiscal 2006.

Execution of the Core Aspects of FreeStar's Revenue Model Leads to Increasing Growth Trend

DUBLIN, Ireland, May 21, 2007 (PRIME NEWSWIRE) -- FreeStar Technology Corp. (OTC Bulletin Board: FSRT - News) an international card payments processor and technology company, today announced that revenues increased by 128% for the quarter ending March 31, 2007 compared to the same time last year. The Company had revenue of $1,125,634 for the three months ended March 31, 2007 compared to $494,296 for the three months ended March 31, 2006, an increase of $631,338 or approximately 128%.

A combination of increases in transaction processing and hardware sales, together with consulting revenue derived from the Company’s 50% ownership of Project Life Cycle Partners Limited where   factors behind the increased revenue growth.

The company’s revenue for the 9 month period ending March 31^st 2007 showed a 43% increase over the same period ending March 31^st 2006.  The Company had revenue of $2,399,396 for the nine months ended March 31, 2007 compared to $1,674,990 for the nine months ended March 31, 2006, an increase of $724,406. The revenue for the 9 month period ended March 31^st 2007 exceeds the $2,097,749 which was recorded for the entire 2006 fiscal year.

Paul Egan, President and CEO of Commenting on the quarter explained ”The Company recorded a net loss for the three months ending March 31, 2007 of $2,619,044, an increase of $402,348 or approximately 18% compared to a net loss of $2,216,696 for the three months ending March 31, 2006.'' Commenting on the numbers Mr. Egan added, ”The Company has developed and deployed applications on Hypercom and Thyron terminals for specific clients in this quarter and are releasing the terminals into the Finnish market. We have hired industry experts to develop new markets in Sweden and the Dominican Republic, and have expanded our roll out of product with global refunds to three new countries including Iceland, Denmark, and Norway. We have also increased volume of terminal sales and transactions from the Spanish market. FreeStar has also completed two important certifications on our processing platform for China Union Pay (CUP) and Monex Financial. We expect revenue to flow from these projects in the coming quarters. In the Dominican Republic, we are currently certifying Hypercom and Thyron Terminals for the two card organizations, which are Visa Net and Card Net, and we expect to be a part of the upgrade to the latest industry standards. The payment industry expects credit card processors and acquirers to comply with EMV and PCI standards by January 2008. FreeStar has invested heavily to ensure a leading position which is evident from our present contracts with blue chip clients in the Finnish Market and internationally. This has also allowed us to outsource our processing capacity to banks and merchants across the European community and around the world.”

Egan further commented, “FreeStar's significant increase in revenue for the third quarter is a direct result of the increased pace at which the company has been able to acquire customers and expand our global presence. We expect and believe that this trend will continue throughout the remainder of 2007. The company will continue to strive to achieve our strategic goals by delivering new innovative world class products and services for our growing customer base”.

Commenting on the results of the quarter, FreeStar’s Chief Financial Officer Ciaran Egan said, “As a result of the significant and strategic investments we have made over the past several years, we continue to believe strongly in the long-term potential of the company’s business plan and revenue model. The Company has begun executing an aggressive strategy designed to assure that we will increase the market position we have built .Our commitment to invest in our technical infrastructure has enabled us to further extend our reach within the global processing community. It’s a strategic and consistent trend we intend on continuing”.

ABOUT FREESTAR TECHNOLOGY CORPORATION

FreeStar Technology Corp. provides mission-critical solutions to the financial industry worldwide. Working with merchants and acquirers in more than twenty countries, its product suite has empowered partners to focus on their core competencies, while its innovative driven approach has enabled them to benefit from first to market advantage and realize their true potential. FreeStar Technology has adopted a partnership strategy for growth. Its partners are market leaders in their respective industries. These include IKEA, Finnair and Stockmann. Its subsidiaries, Rahaxi Processing Oy., Finland, FreeStar Technologies Ireland, Ltd., and FreeStar Dominicana S.A. Dominican Republic, continue to develop and implement first class products and solutions that enhance the service level its partners can offer their customers. For more information, please visit http://www.freestartech.com or http://www.rahaxi.com.

SOURCE: FreeStar Technology Corporation.