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February 19, 2004 07:30

Spin Networks, Inc and Freestar Technology Enter into Technology Management Partnership Agreement
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NEW YORK, Feb 19, 2004 (BUSINESS WIRE) -- Spin Networks, Inc. (SNI) a US based Florida Corporation, today announced that it has signed a technology management partnership agreement with Freestar Technology Corporation (OTCBB:FSRC), the highlights of which are that 1) SNI will provide operational management of FST's USA based operation and general management of its European subsidiary, Rahaxi Processing, 2) will begin developing and implementing a 'ramp-up' scalable version of a gateway and payment processing platform in Miami, and 3) process all of its customers' processing and payment transactions through FST. SNI develops software technologies in the Windows and Linux environments, with expertise in secure processes, routing, encryption, compression, communications and transaction processing. A number of SNI's technology deployments require transaction processing to be delivered as part of its offering to its customers.

Edward Moffly, CEO of Spin Networks, has stated "Aligning SNI with a processing group that has and will have worldwide reach allows the opportunity to provide a needed and vital service component to our customers. Most exciting, SNI now has a partner in FreeStar to exploit its cutting edge technologies in the processing arena."

Paul Egan, President and Chief Executive Officer of FreeStar, added, "We couldn't be more pleased about teaming with Spin Networks. Their hands-on professional involvement with our management team will deliver FreeStar a dimension of capability and credibility that should serve to greatly enhance our value proposition. Moreover, they have the required industry influence and depth of resources to facilitate wide and rapid acceptance of FreeStar payment products at a much more accelerated rate than we believed possible by doing it alone. This is a milestone event in the evolution of FreeStar Technologies, and one that we have every hope of maximizing with our new valued joint venture partner."

About Spin Networks, Inc.

Spin Networks, Inc. is a US based Florida Corporation. The Company has its corporate headquarters and application development facility in Miami, Florida. The company also maintains offices in Toronto, Canada for international projects and Belo Horizonte, Brazil, where its Research and Development laboratory is located. For more information visit our website http://www.spinnetworks.com.

About FreeStar Technology Corporation

FreeStar Technology is an international payment processing and technology company operating a robust Northern European BASE24 credit card processing platform based in Helsinki, Finland. FreeStar currently processes approximately 1,000,000 card payments per month for an established client base that comprises companies such as Finnair, Ikea and Stockman. FreeStar is focused on exploiting a first-to-market advantage for its Enhanced Transactional Secure Software (ETSS), which is a software package that empowers consumers to consummate e-commerce transactions with a high level of security using credit, debit, ATM (with PIN) or smart cards. The company maintains its corporate headquarters in Santo Domingo, Dominican Republic, and has offices in Dublin, Ireland and Helsinki, Finland. For more information, please visit FreeStar Technology's websites at http://www.freestartech.com, 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. 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 and other complications that may arise could prevent the prompt implementation of any strategically significant plans outlined.

SOURCE: FreeStar Technology Corporation

FreeStar Technology, Santo Domingo, Dominican Republic
Paul Egan, 809-503-5911
E-mail: [e-mail]
or
Spin Networks
Edward Moffly, 305-594-9244
E-mail: [e-mail]

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