Acies Corp. Reports
Continued Merchant Account Growth in December
Total accounts increased
19% in fiscal third quarter, 94% fiscal year-to-date and 130% in
the trailing 12-month period
NEW YORK- (BUSINESS WIRE) - January 23, 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 December 31, 2005.
Total merchant accounts grew 19 percent during the fiscal third
quarter ended December 31, 2005. For the first nine months of
fiscal 2006, total merchant accounts grew 94 percent, and during
the past twelve months total merchant accounts grew 130 percent.
Acies noted that the rapid growth in merchant accounts has been
generated organically and, based on the Company's efficient,
scalable business model, was effected with no significant
additions to infrastructure or overhead.
"While transaction volume is typically robust in our fiscal
third quarter coinciding with the holiday spending season,
merchants generally do not switch payment providers during their
'busy' season. Nevertheless, we are pleased to have grown our
merchant account portfolio by 19 percent this quarter, despite
this seasonally slow business development period," said Oleg
Firer, President & CEO of Acies. "Going forward, we believe we
are well positioned to continue growing our merchant account
portfolio at a rapid pace and to benefit from the industry
roll-out of 'contactless' card technology."
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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