FreedomPay, Inc. Completes $7 Million In Equity Financing

Wayne, PA, May 12, 2004 - FreedomPay, Inc. the world leader in cashless payment and loyalty solutions to the nation's largest food service providers, Fortune 1000 corporations, healthcare facilities, universities, sports & entertainment and the military, today announced that the company has received $7 million in funding from The Goldman Sachs Group Inc. (NYSE: GS) and previous investor Nokia Venture Partners.

"We at Goldman Sachs have witnessed explosive growth in cashless payments around the world. We believe FreedomPay is the market leader and together with Nokia Venture Partners, are committed to support its expansion efforts globally," said Joe DiSabato, Managing Director, The Goldman Sachs Group Inc.

"This new infusion of capital will be used to meet the growing demand for FreedomPay solutions across a growing client base" said Tom Durovsik, CEO and Founder of FreedomPay.

About FreedomPay, Inc.
FreedomPay, Inc. is the world leader in business process outsourcing (BPO) to the global foodservice market delivering front of the house and back office applications built on a world class payment, loyalty and settlement services infrastructure.
Learn more about FreedomPay Cashless Payments @ www.freedompay.com

About The Goldman Sachs Group (NYSE: GS)
The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals in over 20 countries. The Company's activities are divided into three segments: Investment Banking, Trading and Principal Investments, and Asset Management and Securities Services.
For more information, visit www.gs.com.

About Nokia Venture Partners
Nokia Venture Partners is a leading global venture capital firm based in Menlo Park, California. Backed by a number of value add limited partners, the fund leads investments in early stage mobile technology companies around the world. Launched in 1998, Nokia Venture Partners has a strong track record of leveraging its combined resources, experience and contacts to help build successful mobile businesses. The firm also has offices in Washington DC, London, Helsinki, Herzelia, Seoul, Hong Kong and Tokyo.

For more information, visit http://www.nokiaventurepartners.com.