DUBLIN, Ireland, March 14, 2008 (PRIME NEWSWIRE) -- FreeStar Technology Corp. (OTCBB:FSRT), an international card payments processor and technology company, today announced that its POS terminal based dynamic currency conversion solution with Monex FS is to be launched in the European Marketplace. FreeStar and Monex plan to target the airline industry, hospitality sector and car rental industry, such as established industry leaders Hertz and Budget Car Rental amongst the many others.
The implementation of the "DCC" Point of Sale solutions will provide additional revenue channels and add consistent value to International travelers, generating potentially significant amounts of revenues yearly for both Freestar and Monex FS.
Paul Egan CEO of FreeStar stated, "This is a superb milestone for FreeStar as it allows the Company to widen our pan European footprint as part of our overall global strategy. The significant investment by FreeStar in the new service over the last 12 months has come to fruition and will lead to potentially significant revenue growth for the Company in the foreseeable future. Our partnership with Monex FS ensures that both companies will be able to provide a quality service to customers and it is a proven end to end solution for this industry."
Mr. Egan continued, "We are delighted with our relationship with a company such as Monex who are a global leader in multi-currency credit card processing, handling payments valued in excess of E6.35 billion and processing over 28 million transactions, per annum worldwide."
Frank Murphy CEO of Monex FS stated, "Clearly, this partnership with FreeStar will further cement our position within the marketplace as leading provider of Dynamic Currency Conversion services within the global marketplace. We look forward to providing this new product offering to our clients and to expanding our client base internationally as a result of our partnership with FreeStar."
About Monex
Monex is the global leader in multi-currency credit card processing, handling payments valued in excess of E6.35 billion and processing over 28 million transactions per annum worldwide. Monex's Direct Currency Conversion (DCC) software enables banks and other merchants around the world to process credit card transactions in multiple currencies. Credit card holders can make credit card payments in their home currency for transactions in foreign countries. The technology facilitates real-time currency conversion at the point of sale and provides the user with real-time price transparency when shopping abroad.
Monex Financial Services was established in Killarney in 1997. As the original inventor of DCC, Monex has grown to become the world's leading multi-currency credit card transaction processor. The Company operates in 19 countries worldwide. For more information please visit: http://www.monexfs.com
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.