Denarii roots?FreeStar Technology Announces Acquisition of Smokey Mountain Payment Processing Division in North Carolina
May 17, 2004--FreeStar Technology Corporation (OTCBB:FSRC) today announced the acquisition of UniComp, Inc.'s Smokey Mountain payment processing division in Murphy, North Carolina. This division currently processes payment transactions (via credit cards and debit cards) through many of the largest processors and has the ability to be a direct processor with full settlement capabilities. The division's best known processing clients include Sbarro's Pizza, LaPetite Day Care Centers and CiCi Pizza. UniComp processes client transactions using its proprietary technology, Cyber-Terminal and Universal Payment software. FreeStar issued 10,000,000 restricted shares of common stock (valued at $1.0 million) in exchange for the assets of the division. FreeStar has agreed to file a registration statement covering those shares within the next three weeks. The transaction was arranged on behalf of FreeStar by its financial advisor, SBI USA, LLC.
Calling it one of the most significant moves in FreeStar's rapid global development, Paul Egan, President and Chief Executive Officer of FreeStar, stated: "UniComp's Smokey Mountain payment processing division fits precisely into FreeStar's long-term global growth strategies. This business involves transaction processing and e-commerce centered around enabling retailers to authorize, process and manage credit, debit and check transactions from any computer. As a result of this acquisition, we will add revenue in sales with the potential to multiply that figure once this division becomes a direct processor and transaction rates approach full capacity with the integration of this stand-alone business with all of FreeStar. Plans are well underway to relocate this business to FreeStar's new corporate headquarters in Miami, Florida." Mr. Egan added: "We believe this move complements FreeStar on several fronts. Not only will it augment our Northern European processing infrastructure, but will broaden our technological base in new fast-growing markets in the United States."
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 satellites offices in Dublin, Ireland; Helsinki, Finland; Stockholm, Sweden, and Santo Domingo, Dominican Republic. For more information, please visit FreeStar Technology's websites at https://www.freestartech.com, https://www.rahaxi.com.