Net loss for the six months ended December 31, 2003 decreased by 35% to $3,674,886, or $.01 per share, representing an improvement of $1,990,693, compared to a loss of $5,665,579, or $.09 per basic and diluted share, for the comparable period of 2002. For the three months ended December 31, 2003, revenues increased to $361,431. FreeStar had no revenue in the comparable quarter of 2002. Net loss for the three months ended December 31, 2003 decreased to $1,268,958, an improvement of $3,702,035, or 75%, compared to a net loss of $4,970,993 during the comparable quarter of the prior year. FreeStar also announced that it had favorably settled its litigation with Papell Holdings, Ltd., Boat Basin Investors LLC, vFinance, Inc. and certain related individuals.
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