PR NEWSWIRE) Freestar Technologies Opens North American Headquarters in New
Freestar Technologies Opens North American Headquarters in New York City
NEW YORK and SANTO DOMINGO, Dominican Republic, March 22 /PRNewswire-
FirstCall/ -- Freestar Technologies, Inc. (OTC Bulletin Board: FSTI) today
announced that it has opened its new North American headquarters in the heart
of New York City to launch the sales and marketing of its PaySafeNow system in
the North American market. Freestar's PaySafeNow system is the first system
to allow consumers to execute PIN-secured ATM, debit card, credit card and
smart card transactions over the Internet.
The PaySafeNow solution bundles Freestar's proprietary software with a
secure card reader that connects the consumer's PC to the financial
institution holding the consumer's banked funds. The reader is compatible
with both magnetic-stripe and smart-card technologies, and utilizes a secure
numeric keypad to enter PINs and passwords. This system creates two-factor
authentication, which is required for ATM/debit transactions.
The PaySafeNow System is endorsed and certified by Banco Nacional de
Credito, a division of the National Financial Group (GFN), a principal
financial institution in the Caribbean and Latin American region.
Supporting the expansion of its sales and marketing effort, the Company also
announced the appointment of Cynthia Aadal as Director of Business
Development. Prior to joining FSTI, Ms. Aadal was a founding partner and
Director of Business Development for Get Real Girl, Inc. a consumer and multi-
media company featured on Oprah, NBC, QVC, the Wall Street Journal, Red
Herring and other media. She was also a business development specialist for
Abacus Online, a division of Double-click - the world's leading Internet
advertising firm. Ms. Aadal holds a degree in Political Science and
Communications from the University of Arizona.
Paul Egan, CEO of Freestar Technologies, said, "This is an extremely
important step for Freestar Technologies with regard to the execution of our
business plan and the globalization of our PaySafeNow system. New York is the
business center of the world and therefore it is a natural choice for our
North America headquarters.
Mr. Egan concluded, "We are also very pleased to announce the appointment
of Cynthia Aadal, who will bring additional strength and experience to the
management team and enhance our position in a competitive market place."
About Freestar Technologies, Inc.
Freestar Technologies, Inc.'s Enhanced Transactional Secure Software
("ETSS") is a proprietary software package that enables consumers to
consummate secure e-commerce transactions over the Internet using credit,
debit, ATM (with PIN) or smart cards. The ETSS system integrates a consumer-
side card-swipe terminal with a back-end host-processing center. It encrypts
sensitive financial data at the consumer's personal computer, using powerful
DES encryption and algorithms. It sends an authorization number to the e-
commerce merchant, rather than the consumer's credit card information, to
provide a maximum level of security. The Company plans to link several large,
established smart card systems together on an ETSS-based standard to achieve
economies of scale and further market penetration for this secure e-commerce
payment system. For more information visit the Web site of the Company at
www.freestartech.com .
Freestar Technologies Inc. US Headquarters
1140 Avenue of The Americas, 10th Floor
New York. NY 10036
Phone: (646) 728- 2358
Fax: 212.869.7999
Contact: Cynthia Aadal
Dir. Strategic Sales and Business Development
cell (917) 593.5990
Contact Information
Direct Development Group, LLC
505 Park Avenue, 3rd Floor
New York, NY 10022
Fax: (646) 840-1777
Janalyn Schreiber
Ph: (917) 763-3033
Jschreiber@directdevgroup.com
Mark Schwartz
Ph: (917) 881-8956
Mschwartz@directdevgroup.com
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 company, 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.
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SOURCE Freestar Technologies, Inc.
-0- 03/22/2002
/CONTACT: Ciaran Egan of Freestar Technologies, +1-809-503-5911, or
cegan@freestartech.com; or Janalyn Schreiber of Direct Development Group,
+1-917-763-3033, or jschreiber@directdevgroup.com/
/Web site: freestartech.com /
(FSTI)
CO: Freestar Technologies, Inc.; National Financial Group
ST: New York, Dominican Republic
IN: CPR OTC HTS
SU: PER
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