DUBLIN, Ireland, April 16, 2007 (PRIME NEWSWIRE) -- FreeStar Technology Corp. (OTCBB:FSRT), an international card payments processor and technology company, announced that a Nevada court has amended a previous ruling favoring the company. On April 12, 2007, the Court ordered that 25 million shares issued to Svensk Kredit Finans AB have no voting rights and shall not be counted as issued and outstanding. The Court also ordered that any person coming into possession of these shares must return them to the Clerk of the Court.
This ruling comes on the heels of a decision from April 2, 2007. In that ruling the Court ordered that a block of FreeStar shares could not be sold, assigned, transferred or otherwise disposed of in any way pending the outcome of a court case initiated by FreeStar March 14, 2007. On that day FreeStar Technology Corporation, through its counsel Corrigan & Morris LLP, commenced legal action in the United Stated District Court for the District of Nevada against K2 Svensk Kredit Finans, AB, dba Svensk, Kredit and Finans, Soren Moberg, Moberge Group, Magnus Erneving, and First American Stock Transfer, Inc. (the "Defendants") asserting claims against all the Defendants, except First American Stock Transfer, for fraud, conversion, unjust enrichment and negligent misrepresentation seeking unspecified damages and $5 million in punitive damages. FreeStar also sought an ex-parte temporary and permanent injunction against the defendants enjoining them from selling, assigning, transferring or otherwise encumbering any of the shares that these individuals and entities had obtained from FreeStar.
On March 20, 2007, the Court entered an order that temporarily enjoined the Defendants, their agents, or any person in active concert or participation with them, from attempting to sell, assign, transfer, or otherwise dispose in any way, any FreeStar shares represented by the 50 stock certificates, 500,000 shares each, numbered 2840 through 2889, in the name of Svensk Kredit & Finans AB, issued on May 5, 2006.
Paul Egan, CEO of FreeStar Technology Corporation, stated, "We are pleased with the outcome of the court's decision and we intend to vigorously pursue these individuals who attempted 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.