DUBLIN, Ireland, June 22, 2007 (PRIME NEWSWIRE) -- FreeStar Technology Corp. (OTCBB:FSRT) an international card payments processor and technology company today announced that its Board of Directors passed a resolution for the company to be listed on the AIM Market for smaller growing companies on the London Stock Exchange, United Kingdom.
FreeStar will be appointing investment banks, investor relation firms and NOMAD brokers to help the company through the listing process. A definitive timeline as to when the listing will take place has not been established but it is the company's intention for the listing to be completed later this year.
FreeStar President Paul Egan felt it was time to take the company to the next level. He added, "With our core business in Europe, it only makes sense to get maximum European market exposure through AIM. This is a win-win scenario. Our company will get greater access to capital to move our Business Plan forward and our shareholders will benefit from the increased visibility and ultimately increased value."
The AIM Market was launched in 1995. Since that time over 2,500 companies have joined the AIM Market raising more than 34 billion pounds ($68 billion USD) in the process through IPOs and other capital raisings to fund their development.
FreeStar currently has a market capitalization of over $40 million. The company's last quarterly report saw its revenues increase a record 128 percent to just over $1.1 million.
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.