FreeStar Technology Corp's Rahaxi Processing Oy. Signs Sales Agreement With Finnish-Based WinHair Cash Management Systems

FreeStar Technology Corp's Rahaxi Processing Oy. Signs Sales Agreement With Finnish-Based WinHair Cash Management Systems

February 27, 2006

    SHANGHAI, China, Feb. 27 /Xinhua-PRNewswire/ --
FreeStar Technology Corp. (OTC Bulletin Board: FSRT), an
international card payments processor and technology
company, signed a sales and referral agreement with WinHair
Cash Management Systems ("WinHair"), a leading
provider of cash management software solutions for hair
salons and barbershops in Finland. 

    Under the terms of the agreement, WinHair is to market
Rahaxi-OTI(TM) (Open Terminal Interface); an in-house
developed and managed middleware solution, to its merchant
clients.  

    In addition, the agreement will enable Rahaxi to
provide WinHair's client base with its wide variety of
international standard products and services, including
fast, secure online card payment processing.

    Jyrki Matikainen, sales director of Rahaxi Processing
Oy., said, "We are delighted that WinHair will be
marketing Rahaxi-OTI, which provides a secure payment
interface between the merchant, the banks and credit card
acquirers." Paul Egan, chief executive officer of
FreeStar Technology Corp added, "With our strong
commitment to EMV compliance and services development, this
agreement will enable Rahaxi access to new merchants and
help increase its established merchant base." 

     "I see a great opportunity to serve our customers
with a reliable, modern and a very competitive combination
of Rahaxi Processing's products and services.  We're glad
to offer Rahaxi's products and services to our existing and
new customers," said Matti Ketvell, managing director
of WinHair.

    Rahaxi-OTI was developed to meet high market demand. 
Traditional POS vendors require companies to expand
services from platform to cash register as part of the POS
application logistics.  The Rahaxi-OTI(TM) application is
managed centrally by Rahaxi and can be remotely updated
when needed. 

    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 1.3 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 WinHair Cash Management Systems

    WinHair Cash Management Systems, founded in 2000,
specializes in cash management software solutions
especially designed for hairsalons and barbershops. 
WinHair¡äs flagship sotwares WinHair and WinHair Single
offer merchants an easy, versatile and reliable pc-based
solution for all needs created by cash transactions and
customer service.  With over 400 merchant clients, WinHair
is the market leader in Finland in its chosen market
sector. For more information, please visit
http://www.winhair.net .

    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: 

    FreeStar Technology Corporation 
     Paul Egan 
     Tel:   [phone]

    Stern & Co.
     Arun Chakraborty,
     Tel:   [phone]

SOURCE  FreeStar Technology Corporation