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2007'02.04.Sun
Freestar Technology Corp's Rahaxi Processing Oy approved as a MasterCard SecureCode(R) Vendor
June 28, 2006

Rahaxi Processing Oy's Internet Payment Gateway (IPG) approved for Use with MasterCard SecureCode
    SHANGHAI, June 28 /Xinhua-PRNewswire/ -- Freestar
Technology Corporation (OTC Bulletin Board: FSRT), an
international card payments processor and technology
company announced at the end of last week the approval by
MasterCard International for its integration of MasterCard
SecureCode(R)  within the online payment card security
service operated by its wholly owned subsidiary Rahaxi
Processing Oy.

    MasterCard SecureCode is a global security solution for
Internet retailers and financial institutions.  It addresses
three of the most pressing issues in e-commerce today:
lingering cardholder concerns about the safety of online
shopping; issuers' need to remotely authenticate their
cardholders while shopping online; and Internet retailers'
desire to ensure a payment guarantee. 

    Much like the familiar authentication process required
for payment card use at Automated Teller Machines (ATMs),
MasterCard SecureCode requires cardholders to enter their
personal code in a inline window on their PC before their
online payment can be completed. With this simple step,
cardholders can be confident that their account is
protected, and card issuers and retailers gain greater
assurance about the identity of the person completing the
transaction.

    The approval for the MasterCard SecureCode(R)
application provides an additional value added security
feature to existing Rahaxi Processing Oy's portfolio of
international standard card payments processing products
and services, including the Internet Payment Gateway (IPG)
for fastly growing, global e-commerce market.

    "MasterCard SecureCode(R) is a payment initiative
designed to reduce the risk of unauthorized use of a
cardholder account by authenticating the cardholder
attempting to make a purchase online. Authentications makes
Internet shopping better and safer for both buyers and
sellers on the web by reducing the merchant's exposure to
fraud and frivolous disputes, and protecting the cardholder
from fraudulent use of their credit card", Angel
Pacheco, CTO of Freestar explained.

    Mr. Pacheco also added that Rahaxi improves its
offering by providing secure payment environments not only
to POS merchants but also to its growing e-commerce and
m-commerce portfolios.

    About MasterCard SecureCode(R)

    MasterCard SecureCode is initiated on a retailer's Web
site and interacts with both the cardholder and their card
issuer. When a customer checks out from an e-commerce
merchant, an in-line window appears asking them to enter a
unique, personal code that has been registered with their
bank. The bank then authenticates the cardholder and
provides the electronic retailer evidence of the online
purchase.  For more information, please visit
http://www.mastercard.com

    About Freestar Technology Corporation

    FreeStar Technology Corp. is a payment processing
company. Its wholly owned subsidiary Rahaxi Processing Oy.,
based in Helsinki, has a robust Northern European BASE24
credit card processing platform. Rahaxi currently processes
in excess of 1.8 million card payments per month for such
companies as Finnair, Ikea and Stockmann. FreeStar is
focused on exploiting a first-to- market advantage for its
Enhanced Transactional Secure Software, 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
Dublin, Ireland, maintains satellite offices in Santo
Domingo, Dominican Republic, Helsinki and Geneva. For more
information, please visit http://www.freestartech.com or
http://www.rahaxi.com .

    Forward looking statements

    Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175
under the Securities Act of 1933 and Rule 3b-6 under the
Securities Exchange Act of 1934, and are subject to the
safe harbor created by those rules. When used in this press
release, the words "expects,"
"anticipates," "believes,"
"plans," "will" and similar expressions
are intended to identify forward-looking statements. These
are statements that relate to future periods and include,
but are not limited to, statements regarding our adequacy
of cash, expectations regarding net losses and cash flow,
statements regarding our growth, our need for future
financing, our dependence on personnel, and our operating
expenses. All statements, other than statements of fact,
included in this release, including, without limitation,
statements regarding potential future plans and objectives
of the companies, are forward-looking statements that
involve risks and uncertainties. Forward-looking statements
are subject to certain risks and uncertainties that could
cause actual results to differ materially from those
projected. These risks and uncertainties include, but are
not limited to, those discussed above as well as risks set
forth above under "Factors That May Affect Our
Results." These forward-looking statements speak only
as of the date hereof. There can be no assurance that such
statements will prove to be accurate and actual results and
future events could differ materially from those anticipated
in such statements. Technical complications that may arise
could prevent the prompt implementation of any
strategically significant plan(s) outlined above. The
companies caution that these forward-looking statements are
further qualified by other factors including, but not
limited to, those set forth in FreeStar's Form 10-KSB
filing and other filings with the U.S. Securities and
Exchange Commission (available at http://www.sec.gov ).
FreeStar undertakes no obligation to publicly update or
revise any statements in this release, whether as a result
of new information, future events, or otherwise.

    For more information, please contact:

    Investor Relations:

     Arun Chakraborty
     Stern & Co. 
     Tel:   +1-212-888-0044
     Email: achakrab@sternco.com
 
     Paul Egan
     FreeStar Technology Corporation
     Tel:   +1-809-368-2001
     Email: pegan@freestartech.com

SOURCE  Freestar Technology Corporation
PR
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