DUBLIN, Ireland, April 10, 2007 (PRIME NEWSWIRE) -- FreeStar Technology Corp. (OTCBB:FSRT), an international card payments processor and technology company, announced that a Nevada District Court has granted a temporary restraining order and preliminary injunction in the company's favor.
On April 2, 2007, the Court ruled that a block of FreeStar shares cannot be sold, assigned, transferred or otherwise disposed of in any way pending the outcome of a court case initiated by FreeStar March 14, 2007. The shares are represented by 50 stock certificates for 500,000 shares each, numbered 2840 through 2889 in the name of Svensk Kredit & Finans AB issued on May 5, 2006.
This ruling follows a similar order brought down by the courts on March 20, 2007 also preventing the defendants from disposing of those same shares.
On March 14, 2007, FreeStar Technology Corporation, through its counsel Corrigan & Morris LLP, initiated legal action in the District of Nevada. Named as defendants are K2 Svensk Kredit Finans, AB, dba Svensk, Kredit and Finans, Soren Moberg, Moberge Group, Magnus Erneving, and First American Stock Transfer, Inc. FreeStar is asserting claims against those individuals and entities, except First American Stock Transfer, for fraud, conversion, unjust enrichment and negligent misrepresentation. It is seeking unspecified damages and $5 million in punitive damages.
FreeStar President and CEO Paul Egan said, "Since the matter is before the courts it would be inappropriate for me to comment, but FreeStar will certainly take the necessary steps to act in the best interest of our shareholders."
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.