FreeStar Technology Corp. (OTC Bulletin Board: FSRT), an international card payments processor and technology company, today announced that its 50% owned, Project Life Cycle Partners, Ltd. a niche project consulting firm with clients such as O2, Danske Bank, Chambers Ireland, Ivax and CR2 Limited, has completed the first stage of an 18-month contract with O2 Ireland, a wholly owned subsidiary of Telefonica S.A. The contract was initially awarded to PLC Partners in May 2006. Under the contract, PLC Partners supplies telecommunications engineers to engineer and manage O2 Ireland's core mobile telephone network.
PLC Partners are the exclusive vendor in providing O2 Ireland with qualified resources to work primarily on O2 Ireland's Nortel Circuit & Packet Core network, signaling, interconnect and supporting IP network.
Paul Egan, chief executive officer of FreeStar Technology, said, "PLC Partners is pleased to announce the successful completion of the first stage of its contract to supply engineers to O2 Ireland. This contract, together with recently signed client contacts is expected to produce revenue in excess of 1.5 million Euros for PLC Partners."
Managing Director Neil McGrory of Project Life Cycle Partners said: "Since gaining a reputation for successful project delivery in O2 Ireland through our project management specialists, we tendered for and won the engineering contract to supply specialist telecom resources during O2 Ireland's key technology transformation project."
"We are committed to providing quality resources and managed services to this program of work, which is expected to continue throughout this year," he added.
About FreeStar Technology Corp.
FreeStar Technology Corp. provides mission-critical solutions to the financial industry worldwide. Working with merchants and acquires in more than twenty countries, our product suite has empowered partners to focus on their core competencies, while our 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. Our partners are market leaders in their respective industries. These include IKEA, Finnair and Stockman. Our 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 our partners can offer customers. For more information please visit http://www.freestartech.com or http://www.rahaxi.com.
About Project Life Cycle Partners Ltd. (http://www.plcpartners.com)
PLC Partners is a niche project consulting firm specialising in the management and implementation of Information Systems projects. PLC Partners work closely with its clients, on both new and existing projects, focusing on business strategies and objectives to achieve a successful outcome. PLC Partners was founded by internationally experienced project consultants who have built their reputations through successful project delivery in the financial services sector. Each partner has more than twenty years industry experience managing and implementing projects. PLC Partners provides delivery service in the following sectors: Banking, Telecommunications, Software Vendors, Government and Educational Institutions. For more information, please visit http://www.plcpartners.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.
For more information, please contact:
Stern & Co.
FreeStar Technology Corporation
AGORACOM Investor Relations