DUBLIN, Ireland, Aug. 27, 2007 (PRIME NEWSWIRE) -- FreeStar Technology Corp. (OTCBB:FSRT), an international card payments processor and technology company, announced that a United States District Court in Nevada has issued a final ruling favoring the company. United States District Court Judge Jones issued a final order canceling the entire 25 million shares of FreeStar Technology common stock issued to Svensk Kretit Finans. The Court further ordered that Svensk Kreitit Finans was never a shareholder of Freestar and that those 25 million shares are not to be counted as having ever been issued and outstanding.
FreeStar Technology Corporation has remaining claims against Soren Moberg, Moberge Group, Magnus Erneving asserting claims for fraud, conversion, unjust enrichment and negligent misrepresentation, seeking unspecified damages and $5 million in punitive damages. The Court had previously enjoined those individuals from selling, assigning, transferring or otherwise encumbering any of the 25 million shares, which have now been cancelled.
Paul Egan, CEO of FreeStar Technology Corporation stated, "We are pleased with the court's final decision and we will aggressively pursue through all available means any individuals who attempt to defraud and manipulate the company and its shareholders. We look forward to concentrating on bringing shareholder value in the form of increased revenue and business opportunities."
About FreeStar Technology Corporation
FreeStar Technology Corp. provides mission-critical solutions to the financial industry worldwide. Working with merchants and acquirers in more than twenty countries, its product suite has empowered partners to focus on their core competencies, while its innovative driven approach has enabled them to benefit from first to market advantage and realize their true potential. FreeStar Technology has adopted a partnership strategy for growth. Its partners are market leaders in their respective industries. These include IKEA, Finnair and Stockmann. Its subsidiaries, Rahaxi Processing Oy., Finland; FreeStar Technologies Ireland, Ltd.; and FreeStar Dominicana S.A. Dominican Republic, continue to develop and implement first class products and solutions that enhance the service level its partners can offer their customers. For more information, please visit www.freestartech.com and 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 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.