Rahaxi, Inc. Issues Shareholder Update

DUBLIN, Nov. 17, 2010 /PRNewswire/ -- Effective as of November 15, 2010, the Common Stock of Rahaxi, Inc. (Pink Sheets: RHXI) was determined to be no longer eligible for quotation on the OTC Bulletin Board due to our failure to timely file our Annual Report on Form 10-K. 

However, prior to such date, our Common Stock was already being quoted on the Pink OTC Markets or "Pink Sheets."  We anticipate that the market makers that are currently using the Pink Sheets to facilitate the trading of our Common Stock will continue to do so.  The symbol for our Common Stock remains "RHXI", with the "e" removed, as it is no longer being quoted on the Bulletin Board.

We are continuing our efforts to prepare, finalize and file our Annual Report on Form 10-K for the fiscal year ended June 30, 2010. However, there can be no assurances when we will be able to file the Annual Report.

Despite the late filings, the company continues to focus on the daily execution of its business and continues to provide its customers and distributors with the highest level of service. The company continues to write new business through its operations in Finland and the Dominican Republic and remains committed to meeting its customers' needs.  The company will provide an update on both new and existing business operations in the coming weeks.

About Rahaxi, Inc.

Rahaxi, Inc. provides mission-critical solutions to the financial industry worldwide. Working with merchants and acquirers in more than twenty countries, its product suite has empowered partners to focus on their core competencies, while its innovative driven approach has enabled them to benefit from first to market advantage and realize their true potential. Rahaxi, Inc. has adopted a partnership strategy for growth. Its partners are market leaders in their respective industries. . Its subsidiaries, Rahaxi Processing Oy., Finland and FreeStar Dominicana S.A. Dominican Republic, continue to develop and implement first class products and solutions that enhance the service level its partners can offer their customers. For more information, please visit http://www.rahaxi.com.

Forward-Looking Statements

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. When used in this press release, the words "expects," "anticipates," "believes," "plans," "will" and similar expressions are intended to identify forward-looking statements. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Rahaxi cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in Rahaxi's Form 10-K filing and other filings with the U.S. Securities and Exchange Commission (available at www.sec.gov). Rahaxi undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise. The summary financial information contained herein is qualified in its entirety by reference to the information contained in Rahaxi's Form 10-K filing.

SOURCE Rahaxi, Inc.