[ Back ]

PRESS RELEASE

Year 2008 / Thursday June 19, 4:15 pm ET

FreeStar Confirms Official Name Change to Rahaxi, Inc.

CEO Paul Egan will host conference call on June 27, 2008

DUBLIN, Ireland, June 19 /PRNewswire-FirstCall/ -- FreeStar Technology Corp. (OTC Bulletin Board: FSRT - News), an international card payments processor and technology company, today announced that it has completed the process to change its name to "Rahaxi, Inc." FreeStar's Board of Directors has approved a proposed amendment to FreeStar's Articles of Incorporation to change its name to Rahaxi, Inc. The Board of Directors has recommended that the name change amendment be adopted by the shareholders of FreeStar and directed management to take appropriate action to obtain shareholder approval of the name change amendment.

"Through our Finnish subsidiary, Rahaxi Processing Oy, we believe that 'Rahaxi' has a valuable, established brand name in our core markets in the Scandinavian region. We believe that in this region, Rahaxi conveys quality, innovation and reliability to our customers," said Paul Egan, President and CEO of FreeStar Technology Corporation. "We believe that the Rahaxi brand is a valuable asset and that by changing FreeStar's name to Rahaxi, we can maximize the goodwill associated with Rahaxi and uniformly brand our products in our other markets."

The official name change which began it's process back in July of 2007, comes on the heels of FreeStar's Board of Directors approval of a three to one reverse stock split of the Common Stock. Both changes of the name and the reverse stock split are subject to approval by FreeStar's stockholders and will require an amendment to FreeStar's Articles of Incorporation. The Board of Directors has authorized and directed the officers to take all required actions to solicit the approval of the stockholders, including filing preliminary and definitive proxy statements with the Securities and Exchange Commission.

FreeStar's CEO Paul Egan will host a conference call on June 27, 2008 at 11 am eastern daylight time. Please use call in number USA/Canada Toll Free 800.914.8405 or 647.723.6919. Use Conference Access Code: 5533037. If you are calling from a country other than USA/Canada, please log on to http://www.conferencecalls.com/executive/accessnumbers.asp for international numbers.

SOURCE: FreeStar Technology Corporation.