Freedom Financial Holdings Heavy Oil Initiative Update

FORT WAYNE, IN--(Marketwire - January 29, 2009) - Freedom Financial Holdings, Inc. (PINKSHEETS: FDMF) CEO Brian Kistler announced today that the company has successfully secured Oil and Gas Leases for an additional 720 acres of ground in Vernon County, Missouri, the company believes to be rich with heavy oil sands.

Kistler stated, "The last several months has been a very active time for Freedom's Heavy Oil initiative. As the current price of oil has caused many companies to reassess their business model and actually shut down operations, this has opened the door to many opportunities for Freedom. Properties that we could not begin to touch last year are now being made available for very good terms. The most recent 720 acres bring our total to over 1200 and we are in serious negotiations for several thousands of acres more."

Kistler continued, "As mentioned in the last press release we conducted a field test in Deerfield, Missouri that showed an increase of over 360% in oil production of the wells we treated down hole with our proprietary technology KC-9000. After which, the company was hired to treat two 3,000 foot wells in the Lindsborg, Kansas area that were experiencing a high degree of paraffin problems. It will be a few weeks before the results of the treatment are known, but I am confident the technology will work as it has in the past. Paraffin is like melted butter to the technology.

"In addition, the company responded just last week to an emergency request to treat two tank batteries with over 200 barrels of oil that had become contaminated with base sediments and water (BS&W) due to an accidental spill over from the gun barrel making the oil unable to be sold.

"I am happy to report that Freedom responded and on Monday morning the oil tanker pulled up and the oil was sold. This was done in extremely cold weather where the oil temperature in the tank was about 30 degrees. Not only did the KC-9000 clean up the BS&W, but it was done without the benefit of heat.

"We continue to make alliances in the industry and each day brings new and exciting developments. It is nice to get the phone calls inquiring about the technology. Amazingly, we have received inquiry from several companies throughout the United States as well as the Middle East. These truly are exciting times for our company and shareholders," concluded Kistler.

ABOUT FREEDOM FINANCIAL HOLDINGS, INC.

Freedom Financial Holdings, Inc. ("FDMF") is a holding company with a focus on the identification of opportunities. The Company's objective is to acquire undervalued assets and/or initiate operations in underserved niches. Once established within the Freedom portfolio, the Holding Company will provide the support necessary to enable each of its subsidiaries to maximize their business opportunities.

FORWARD-LOOKING STATEMENT

This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning it expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to develop operations, the Company's ability to consummate and complete the acquisition, the Company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company's public announcements.