Dodi been there and done dat:
Freestar Technologies' CEO Paul Egan talks to The Wall Street Transcript
Business Wire, Dec 17, 2001
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NEW YORK--(BUSINESS WIRE)--Dec. 17, 2001
The Wall Street Transcript has published an in-depth interview with Paul Egan, President & CEO of Freestar Technologies (OTCBB:FSTI), in which he talks at length about the company's future.
The entire 3,600-word interview is available free online at twst.com
Egan gave an overview of the company. "We are the first in the marketplace right now to offer secure ATM and debit transactions over the Internet, cash transactions... the first in the market to allow both client and merchant to experience an e-commerce transaction with zero fraud risk... The only secure form of payment that we could see over the Internet would be credit card, debit card and ATM card transactions utilizing PIN codes to allow the transaction to go directly to the bank, rather than the merchant. Therefore, the client's financial data and information are never seen or stored by the merchant. The transaction takes place from a card-swipe terminal which plugs into the keyboard of the client's computer. It is activated and programmed to contact the bank directly. The bank will then accept the transaction and inform the merchant that a transaction has taken place. Therefore, the security advantages are two-fold: this system offers protection for the client from security fraud, and it protects the merchant from charge-backs. One key is that this is a `card-present' transaction, which is a Visa and MasterCard requirement. The second built-in security feature is PIN authentication, to assure that the user of the card is the authorized user."
Egan explained: "We have gone through two years of intensive research and development and testing within the financial institutions. We have a proven operational and working product today with security advantages built in, which I don't think many companies in this space can claim."
Looking forward, Egan stated: "In the year 2004, our pro forma projections are running currently now at $144 million in volume. That's gross revenue taking in both transaction fees and product sales. We feel at that stage, we should be a strong market contender against anybody out there. Because we plan to be the first now in this market position. And we think that being the first gives us the advantage. In fact, a February 2001 survey of U.S. consumers done by StarNet and partners quite clearly stated that `first-come, first-served' applies here. This market is open to the person who comes in first. And we claim to be first."
This interview is part of a 190-page e-Business Issue available at twst.com or by calling 212/952-7433.
The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations. For subscription information call 800/246-7673.
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's ePayLatina Division at www.epaylatina.com For further information, contact Ciaran Egan, investor relations, at Freestar Technologies (in the Dominican Republic), 809/732-5911, cegan@freestartech.com; or John Paul Salvador, Market Intelligence, or Sean Collins, Partner, both of Coffin Communications Group, 818/789-0100, for Freestar Technologies. For European investor relations, contact Henry Bohl, Baltic Investment Group at 011-49-172-436 3477, info@balticinvestment.com, for Freestar Technologies.
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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