FreeStar Technology Corp. (OTC Bulletin Board: FSRT), an international card payments processor and technology company, today announced that Rahaxi Processing Oy. achieved successful completion of certification for MasterCard SecureCode(R) online payment card security service.
The company explained that MasterCard has developed a payment authentication technology enabling MasterCard(R) issuer banks to authenticate a cardholder prior to cardholder consummating a transaction over the Internet at participating merchants.
FreeStar Technology President and CEO Paul Egan said, "The certification adds an extra value added security feature to existing Rahaxi Processing Oy's portfolio of international standard card payments processing products and services, including the Internet Payment Gateway for the fast-growing, global e-commerce market."
"MasterCard SecureCode(R) is a payment initiative designed to reduce the risk of unauthorized use of a cardholder account by authenticating the cardholder attempting to make a purchase online. Authentications make Internet shopping safer for both buyers and sellers on the web by reducing the merchant's exposure to fraud and protecting the cardholders from fraudulent use of their credit card," added Angel Pacheco, chief technology officer of Freestar Technology.
Mr. Pacheco also added that Rahaxi Processing improves its offering by providing secure payment environments to POS merchants and to its growing e-commerce and m-commerce portfolios.
About MasterCard SecureCode(R)
MasterCard SecureCode is initiated on a retailer's Web site and interacts with both the cardholder and their card issuer. When a customer checks out from an e-commerce merchant, an in-line window appears asking them to enter a unique, personal code that has been registered with their bank. The bank then authenticates the cardholder and provides the electronic retailer evidence of the online purchase. For more information, please visit http://www.mastercard.com
About Freestar Technology Corp.
FreeStar Technology Corp. is a payment processing company. Its wholly owned subsidiary Rahaxi Processing Oy., based in Helsinki, has a robust Northern European BASE24 credit card processing platform. Rahaxi currently processes in excess of 1.35 million card payments per month for such companies as Finnair, Ikea and Stockman. The company, based in Dublin, Ireland, maintains satellite offices in Santo Domingo, Dominican Republic, Helsinki and Geneva. For more information, please visit http://www.freestartech.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:
Investor Relations:
Arun Chakraborty
Stern & Co.
Telephone: 212-888-0044
achakrab@sternco.com
or
Paul Egan
FreeStar Technology Corporation
Telephone: 809-368-2001
pegan@freestartech.com