HELSINKI, Finland, Aug. 15, 2007 (PRIME NEWSWIRE) -- FreeStar Technology Corp. (OTCBB:FSRT), an international card payments processor and technology company, today announced that its Finnish-based, wholly owned subsidiary, Rahaxi Processing Oy, has entered into an exclusive distribution agreement with Spectra Technologies Holdings Co., the Greater China leader in design and development of electronic transaction solutions. Under the terms of the agreement, Rahaxi Processing Oy will exclusively distribute and market Spectra Technologies' state-of-the-art technologies including EMV- and PCI-certified Point-of-Sale payment terminals in Norway, Finland, Sweden, Ireland, Iceland, Estonia, Latvia and Montenegro.
Mr. Bango Ning, Regional Business Development Manager of Spectra Technologies, commented on the agreement: "Spectra is very glad to cooperate with Rahaxi Processing Oy, a technology leader in the transaction processing industry. By partnering with Rahaxi Processing Oy, we are very confident that we will have a great success in the Nordic region."
Dr. Jose Enrique Perez, Managing Director of Rahaxi Processing Oy, said: "Partnering with Spectra Technologies enables us to offer merchants and partners state of the art technology and low cost EMV/PCI solution in a very competitive market. Spectra Technology has a very strong product portfolio, and great support. We have a tremendous opportunity ahead of us in the Nordic region where migration to EMV- and PCI-standards rapidly gains pace. This agreement represents an opportunity for over 80,000 delivered payment terminals within the next 3 years."
About EMV and PCI
EMV is an international standard, developed in response to certain types of bank card fraud. In time, EMV will replace the magnetic strip with a chip all over the world, on both credit cards and other bank cards. This will change some payment transactions. The name EMV stands for the initiating organisations, namely the former Europay, and the international organisations MasterCard and Visa.
PCI/DSS is a set of industry-wide requirements and processes (instituted by Visa, MasterCard, Diners, AMEX, JCB and Discover) that ensure the security of valuable cardholder account data. PCI DSS includes requirements for security management, policies, procedures, network architecture, software design and other critical protective measures.
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
About Spectra Technologies Holdings Co. Ltd.
SPECTRA Technologies, founded in 1993, is the Greater China Leader in design and development of electronic transaction solutions. SPECTRA Technologies' state-of-the-art technologies include the world's first integrated cordless transaction solution, self-service electronic transaction solution, security magnetic card reader and detachable IC card and SAM card module. With the combination of innovation and pragmatism, SPECTRA Technologies' pioneering hardware and software have won top honours at various award ceremonies.
For more information, please visit http://www.spectratech.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. 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. 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.