HELSINKI, Finland, June 14, 2007 (PRIME NEWSWIRE) -- FreeStar Technology Corp. (OTCBB:FSRT), an international card payments processor and technology company, today announced that its wholly owned subsidiary Rahaxi Processing Oy ("Rahaxi") has entered into a distributor and referral agreement with Suomen Kassajarjestelmat Oy ("SKJ"), the leading independent Point-of-Sale Software and Hardware Vendor in Finland. Under the terms of the agreement, SKJ will migrate their existing and new merchant clients to meet the requirements of the EMV and PCI-standards in Finland using Rahaxi-OTI(tm) (Open Terminal Interface) card payments processing software and Hypercom(r) Optimum Point-of Sale products.
Mr. Jyrki Matikainen, Sales Director of Rahaxi Processing Oy said: "We at Rahaxi are delighted that a powerful partner like SKJ is joining our growing distributor network in Finland. SKJ has successfully integrated our Rahaxi-OTI(tm) software to their Point-of-Sale solution." Mr. Matikainen also added: "SKJ will also offer to its existing and new merchants through its network of more than 25 Finnish distributor partners Rahaxi's international standard payments processing products, including the Hypercom(r) Optimum payment terminal family and the Thyron PayCell mobile payment terminal, which will have an added positive impact to our revenue growth."
Mr. Aarno Hartikainen, Managing Director of SKJ Oy commented on the agreement: "We are looking forward for a fruitful, long-term partnership with Rahaxi Processing Oy. We feel that Rahaxi's long experience and presence in the payments industry, in addition to its wide range of international standard payments processing products and services, including the Rahaxi-OTI(tm) (Open Terminal Interface), will greatly benefit our existing and new merchant clients as the migration to EMV- and PCI standards rapidly gains pace in the Finnish market."
About Suomen Kassajarjestelmat Oy
Suomen Kassajarjestelmat ("SKJ"), founded in 1991, is the leading independent Point-of-Sale software and hardware vendor in Finland specializing in retail solutions including e.g. sales and logistics process management. SKJ has a client portfolio of over 1500 merchants in retail, hospitality, restaurant and wholesale industries in the Finnish market.
For more information, please visit www.skj.fi
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 and http://www.rahaxi.com.
About EMV and PCI
EMV is an international standard, developed in response to certain types of bank card fraud. In time, EMV will replace the magnetic strip with a chip all over the world, on both credit cards and other bank cards. This will change some payment transactions. The name EMV stands for the initiating organisations, namely the former Europay, and the international organisations MasterCard and Visa.
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.
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 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.