Press Release

Year 2006 / Thursday September 7, 5:50 am ET

FreeStar Technology Corp. Promotes Angel Pacheco to Vice President, New Business Development

DUBLIN, Ireland, Sept. 7 /PRNewswire-FirstCall/ -- FreeStar Technology Corp. (OTC Bulletin Board: FSRT - News), an international card payments processor and technology company, today announced that Angel Pacheco has been promoted to vice president, new business development, from his current position as chief technology officer, according to President and CEO Paul Egan.

In this new position at FreeStar Technology, Pacheco will be responsible for institutional relationships and new product and market strategies. He will also continue to maintain close ties with the technology development groups and will provide mentoring as well as active participation in crucial technology issues. He will report to President and CEO Paul Egan.

Egan said, "While it is unusual for a CTO to head up new business development, during Angel's tenure with FreeStar Technology for more than a year, he has demonstrated a superior talent for new business development. As a result, we created the position to fit his talents. We expect to announce soon his replacement as CTO."

Pacheco joined FreeStar Technology in May 2005, as CTO. Formerly, Pacheco was chief information officer for Miami, FL-based, Blackstone Calling Cards, a prepaid telephone products and services company, where he developed an innovative system for delivering prepaid products to point of sale devices and kiosks. He has more than twenty years in technology and application development. During the last ten years of which, he focused on technology projects in banking, finance and electronic payment processing.

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 2 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:

FreeStar Technology Corporation,
Paul Egan
Tel: 809-368-2001
E-mail: pegan@freestartech.com
or
Investor Relations:
Stern & Co.
Arun Chakraborty
Tel: 212-888-0044
E-mail: achakrab@sternco.com

Source: FreeStar Technology Corporation