Former PayPal Senior Vice President, Jack R. Selby, Elected To FreedomPay, Inc. Board Of Directors

Wayne, PA, May 5, 2003 - FreedomPay, Inc. today announced the election of Jack R. Selby to its Board of Directors. Mr. Selby, previously Senior Vice President of Corporate and International Development of PayPal, the world's most successful online payment service, brings his diverse leadership skills and broad set of payment and technological experiences to FreedomPay.

Tom Durovsik, CEO of FreedomPay noted "Jack's knowledge and experience in the fast growing payments space is well documented. Jack will play an important role in helping FreedomPay manage rapid growth as a leader in emerging payment technologies."

Pete Buhl of Nokia Venture Partners in Menlo Park stated, "We have strong interest in the emerging payment space and Jack Selby adds tremendous depth and understanding to FreedomPay's long-term vision."

Jack R. Selby is a Managing Director at Clarium Capital Management LLC. Prior to Clarium, Mr. Selby served as a Corporate Officer and Senior Vice President of PayPal, Inc. (NASDAQ: PYPL). Mr. Selby was an original member of the founding PayPal team, and served in variety of roles during his tenure at the company, including the management of PayPal's international operations. Prior to PayPal, Mr. Selby worked for GFTA Analytics GmbH, a Dusseldorf-based financial consulting company which provides foreign exchange solutions to financial institutions, multinational corporations, governments, central banks and institutional investors.

Mr. Selby is a graduate of Hamilton College (NY).

FreedomPay, Inc. is a world leader in designing innovative, contactless payment and loyalty products for the nation's largest banks, associations, retailers and hospitality food service providers, delivering world class transaction processing and services. FreedomPay investors include: Nokia Venture Partners and Sun America/AIG.

Clarium Capital Management LLC is an investment fund with offices in Menlo Park and San Francisco that manages more than $85 million USD.

PayPal, Inc. is an online payments company that debuted on the NASDAQ in February 2002. eBay, Inc. (NASDAQ:EBAY) purchased PayPal in October 2002 for approximately $1.5 billion USD.