DUBLIN, Jan. 30, 2008 (PRIME NEWSWIRE) -- FreeStar Technology Corporation (OTCBB:FSRT), an international card payments processor and technology company, today reiterated its plans to grow the company, in response to numerous inquiries surrounding its January 23 announcement.
"We are committed to growing our business by developing new products and services, and increasing our client base, while also increasing revenue from existing product lines," said Paul Egan, CEO of FreeStar Technology Corporation. "We are seeing increased interest in our international card processing business and are encouraged by ongoing discussions with strategic business partners in the form of new contract relationships and investment opportunities. As these contracts and other agreements are completed, we will announce them immediately."
He continued to explain, "FreeStar has been working on several different contracts for the past two years expanding its reach to international markets. We are on the verge of rolling out new products that will increase our revenue model. Our partners are blue chip clients and FreeStar respects their request for confidentiality during project implementation and will inform investors once current projects are completed. We expect to anounce these milestones sooner rather than later and we appreciate our investor support and understanding."
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 http://www.freestartech.com and 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.