Freestar Technology Corp's Rahaxi Processing Oy. Signs Marketing Agreement with Finnish Vendor Oy Wike Ab Agentur

Freestar Technology Corp's Rahaxi Processing Oy. Signs Marketing Agreement with Finnish Vendor Oy Wike Ab Agentur

June 16, 2006

The Sales and Referral Contract Covers Point of Sale and Electronic Cash Register Sales Software and Hardware to More than 4,500 Finnish and Estonian Merchants

    SHANGHAI, June 16 /Xinhua-PRNewswire/ -- FreeStar
Technology Corp. (OTC Bulletin Board: FSRT), an
international card payments processor and technology
company, recently announced that Rahaxi Processing Oy.
signed a sales and referral agreement with Oy Wike Ab
Agentur, one of Finland's largest independent providers of
Point of Sale (POS) and Electronic Cash Register (ECR)
software and hardware. 

    Under the terms of the agreement, Oy Wike Ab Agentur
will market Rahaxi Processing Oy's wide variety of
international standard payments processing products and
services, including the EMV-compliant Hypercom(R) Optimum
POS product family to its more than 4,500 merchant clients
in Finland and Estonia.

    FreeStar Technology President and CEO Paul Egan said,
"Our strong commitment to national and international
standards enables us to provide solutions that add value to
our vendor partners, which in turn helps Rahaxi Processing
expand its merchant base."

    Oy Wike Ab Agentur's Director Kenneth Wikgren said,
"Oy Wike Ab Agentur is strongly committed to this
agreement and is pleased to offer Rahaxi Processing's high
quality payments processing products and services to its
new and existing merchant clients."

    He added, "Rahaxi Processing's wide range of
international standard payments processing products and
services impressed us positively as from the start as did
its organization. For example, Rahaxi Processing's staff
initiated comprehensive product training, technical
integration support and other assistance on its services
and products portfolio, which will permit us to offer our
merchant clients superior service."

    Jyrki Matikainen, sales director of Rahaxi Processing
Oy, said, "We are looking forward to working with Oy
Wike Ab Agentur. As an established player in our market, Oy
Wike Ab Agentur will be especially helpful in launching the
sales of Hypercom(R) terminals."

    About Freestar Technology Corp.                        
                                                            
                    
    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 1.35 million card payments per month for such
companies as Finnair, Ikea and Stockman. 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 .

    About Oy Wike Ab Agentur

    With an established customer base of more than 4,500
merchants in Finland and Estonia, Oy Wike Ab Agentur is one
of the largest independent ECR and POS vendors and
distributors in Finland. Founded in 1986, Oy Wike Ab
Agentur offers a wide variety of POS and ECR hardware and
software solutions to merchants of all sizes in the retail
and hospitality sectors in Finland and Estonia.  For more
information, please visit http://www.oywikeab.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:

     Mr. Kenneth Wikgren
     Director, Oy Wike Ab Agentur
     Tel:   [phone]
     Email: [e-mail]

     Mr. Jyrki Matikainen
     Sales Director
     Rahaxi Processing Oy
     Tel:   [phone]
     Email: [e-mail]

SOURCE  Freestar Technology Corp.