Acies Corp. Reports
Continued Merchant Account Growth in November
Total Accounts Grow 138% in
Trailing Twelve Months 87% Year-to-Date in Fiscal 2006
NEW YORK- (BUSINESS WIRE) - January 5, 2006 - Acies
Corporation (OTCBB: ACIE), a financial services company
specializing in payment processing and online banking services
to small, medium and large size merchants across the United
States, today announced growth statistics for its merchant
account portfolio as of November 30, 2005.
Total merchant accounts grew 138 percent in the twelve month
period ended November 30, 2005. For the first eight months of
fiscal 2006, total merchant accounts grew 87 percent. Acies
noted that the growth in merchant accounts has been generated
organically, with little addition to the Company's
infrastructure or overhead.
"We are pleased to report such a strong increase in our merchant
account portfolio, even through the typically slow month of
November, just prior to the holiday spending season," said Oleg
Firer, President & CEO of Acies. "As a result of our expanded
customer base, we expect to realize increased revenue generation
in the fiscal third quarter, when transaction volume is
historically high. We are also pleased to have added new
merchants during their 'busy' season, when they are less likely
to switch payment processing providers. We believe this is a
testament to the quality of service we provide, as well as the
strength of our sales and marketing efforts."
About Acies Corporation
Acies Corporation (OTCBB: ACIE) is a financial services company
that, through its wholly owned subsidiary, Acies, Inc.,
specializes in providing payment processing and online banking
services to small, medium, and large-size merchants across the
United States. Acies' payment processing services enable
merchants to process Credit, Debit, Electronic Benefit Transfer
(EBT), Check Conversion, and Gift & Loyalty transactions. Acies
also offers traditional and next-generation point-of-sale (POS)
terminals, which enable merchants to utilize Acies' payment
processing services. Acies' banking services offer customers
traditional banking services and the ability for customers to
apply for an on-line bank account and pay bills electronically.
For more information, visit http://www.aciesinc.com.
Forward-looking Statements
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains or may contain
forward-looking statements such as statements regarding the
Company's growth and profitability, growth strategy, liquidity
and access to public markets, operating expense reduction, and
trends in the industry in which the Company operates. The
forward-looking statements contained in this press release are
also subject to other risks and uncertainties, including those
more fully described in the Company's filings with the
Securities and Exchange Commission. The Company assumes no
obligation to update these forward-looking statements to reflect
actual results, changes in risks, uncertainties or assumptions
underlying or affecting such statements, or for prospective
events that may have a retroactive effect.
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