Freestar Technology Corp.'s Rahaxi Processing Oy Achieves Visa And Mastercard Pci Dss Qualification As A European Certified Payments Solutions Provider

Freestar Technology Corp.'s Rahaxi Processing Oy Achieves Visa And Mastercard Pci Dss Qualification As A European Certified Payments Solutions Provider

December 21, 2006

-- It is Only the Second Finnish Company to Achieve
Certification 


    SHANGHAI, Dec. 20 /Xinhua-PRNewswire/ -- FreeStar
Technology Corp. (OTC 
Bulletin Board: FSRT - News) an international card payments
processor and 
technology company, announced that its wholly owned
subsidiary, Rahaxi 
Processing Oy., is now listed on Visa's website, along with
such companies 
as First Data International, as having been awarded Payment
Card Industry 
Data Security Standards (PCI DSS) compliance accreditation
to provide payment 
solutions in Europe. It is the second Finnish payments
solution provider to 
receive certification.

    PCI DSS is a set of industry-wide requirements and
processes (instituted 
by Visa, MasterCard, Diners, AMEX, JCB and Discover) that
ensure the security 
of valuable cardholder account data. PCI DSS includes
requirements for 
security management, policies, procedures, network
architecture, software 
design and other critical protective measures. 

    This comprehensive standard is intended to proactievly
protect consumer 
data for organiztions that store, transmit or process
cardholder account and 
transaction data, including merchants, acquiring banks and
related service 
providers.

    Paul Egan, chief executive officer of FreeStar
Technology, said, "We are 
delighted to announce our certification for the PCI DSS
compliance. This is 
an important milestone for the company, one that should
attract significant 
new business.   We are pleased to have met Visa's rigorous
standards and 
make it to Visa's final list of 100 companies considering
that there are 
several thousand competitors in the industry." 

    "Enforcement of the new standard is increasingly
more vigilant with 
increased financial penalties for non-compliance and the
real threat of 
acceptance privileges being suspended or revoked for
organizations that do 
not demonstrate compliance with the standard," he
added.

    Sysnet Ltd., an official Visa Qualified Security
Assessor (QSA) in 
assessing onsite compliance to PCI Standards, carried out
the certification 
process. The certification indicates that Rahaxi Processing
has been assessed 
against the objectives of the Visa Account Information
Security (AIS), using 
the PCI DSS validation methods and was found to be
compliant to PCI DSS.

    Vivian Duff, business manager of Sysnet said,
"Having worked closely with 
Rahaxi Processing during the last 12 months, it was a
rewarding experience to 
see how the PCI DSS has helped validate the high level of
information 
security management that has been developed to protect the
business interests 
of its clients."

    Duff added, "I congratulate Rahaxi Processing on
achieving this 
certification and demonstrating its commitment to deliver
secure services to 
its clients in Europe."

    Jyrki Matikainen, sales director of Rahaxi Processing,
said, "After 
working hard for more than a year on the PCI project, we
are happy to receive 
the Visa approval. By combining PCI security with Rahaxi
Processing's 
existing services and our several EMV certifications we
provide our customers 
with a trustworthy, accessible and a secure turnkey
solution. As the payment 
industry gets more diversified, the biggest merchants and
the POS vendors are 
starting to look for dedicated payment specialists. Rahaxi
Processing is now 
in a very promising position to fulfil this need. As sales
director, I 
believe, the certification will have a positive impact on
our revenue."

    About FreeStar Technology Corporation 

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

    About Sysnet Ltd.

    Sysnet Ltd helps organizations to meet today's
challenges by providing a 
full range of services for assessing and assuring PCI DSS
compliance. Our 
services include PCI DSS Assessments, Audits, Vulnerability
Scanning, 
Penetration Testing and Payment Application Best Practice
Assessments. For 
more information visit our website http://www.sysnet.ie or
email 
[e-mail] 

    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:

    Rahaxi Processing Oy

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

    FreeStar Technology Corp.

     Paul Egan, CEO
     Tel:   [phone]
     Email: [e-mail]

    Investor Relations

     Arun Chakraborty
     Stern & Co.
     Tel:   [phone]
     Email: [e-mail]

    AGORACOM Investor Relations
      
     Email: [e-mail] 
     Web:   http://www.agoracom.com/IR/Freestar 



SOURCE  FreeStar Technology Corporation