SANTO DOMINGO, Dominican Republic, March 3, 2003(PRIMEZONE) -- FreeStar Technology Corporation (OTCBB:FSRCE) (OTCBB:FSTIE) confirmed today that the Company's February name change, first announced January 31, 2003, had come into effect on February 24, 2003.
The Board of Directors' resolution to change FreeStar's name from Freestar Technologies to FreeStar Technology Corporation, which was attributed to the Company's increasingly multinational profile and establishment of subsidiaries & strategic alliances in various jurisdictions around the world, had passed and been consented to by a majority vote of the Company's common stock.
The Board of Directors extended its thanks to strategic partners overseas for their detailed input which had predicated replacement of the word "Technologies" in favor of "Technology" to facilitate pronunciation in foreign tongues, and addition of the word "Corporation" to enhance corporate image in certain markets of near-term strategic importance, particularly Estonia, Latvia and Lithuania. The Board expressed confidence that the Company's new name would better stand the test of time.
FreeStar's new CUSIP number, 35687X-10-3, and new ticker symbol, FSCR, are effective immediately. Shareholders wishing to exchange their Freestar Technologies certificates may do so by having them forwarded to First American Stock Transfer, Inc. for exchange.
About FreeStar Technology Corporation
With Corporate headquarters in Santo Domingo, Dominican Republic, and offices in Dublin, Ireland, and Helsinki, Finland, FreeStar Technology is focused on exploiting a first-to-market advantage for enabling ATM and debit card transactions on the Internet and high-margin credit card processing through a leading Northern European processor, Rahaxi Processing Oy. FreeStar Technology's Enhanced Transactional Secure Software ("ETSS") is a proprietary software package that empowers consumers to consummate e-commerce transactions on the Internet with a high level of security using credit, debit, ATM (with PIN) or smart cards. It sends an authorization number to the e-commerce merchant, rather than the consumer's credit card information, to provide a high level of security. For more information, please visit the Company's web sites at www.freestartech.com, www.rahaxi.com and www.epaylatina.com
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. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. 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.