Acies Corporation Announces Record Fiscal Year Results

Company More than Doubles Revenue and Reduces Net Loss by 73%; Conference Call and Web Cast Scheduled for Thursday, July 6 at 4:15 p.m. EDT

NEW YORK- (BUSINESS WIRE) - June 30, 2006 - Acies Corporation (OTCBB:ACIE), a financial services company specializing in providing payment processing and online banking services to small, medium and large-size merchants across the United States, today announced results for the fiscal year ended March 31, 2006.

Financial and Operational Highlights for Fiscal Year Ended March 31, 2006 Compared to Fiscal Year Ended March 31, 2005:

• Revenues rose to a record high of approximately $9 million,
  increasing 129% from $3.9 million.

• Corporate expenses dropped 42% to $2.3 million, down from $3.9
  million.

• Net loss decreased 73% to approximately $903,000, or $0.02
  loss per fully diluted share, compared to $3.3 million, or
  $0.09 loss per fully diluted share.

As of March 31, 2006, the Company had total shareholders' equity of approximately $169,000.

Commenting on the results, Jeffrey Tischler, Chief Financial Officer of Acies, noted, "We are very pleased with the continued revenue ramp-up we are experiencing, which has been due largely to the ongoing success of our aggressive sales and marketing strategy designed to accelerate the expansion of our national sales channels. Moving forward, Acies is executing a series of exciting new marketing initiatives to promote greater sales growth while also paying very close attention to maintaining strict expense discipline. Collectively, we believe this is precisely the right plan to help us achieve our ambitious growth objectives."

Oleg Firer, Chairman and CEO of Acies, added, "2006 was indeed an exciting year of growth for Acies; representing a year in which we established our Company as a serious player in the national financial services arena. Moving forward, we intend to build on our success by attracting a much broader team of Independent Sales Organizations and Independent Sales Agents to the Acies' enterprise. Through adoption of clever and innovative marketing programs created to offer win-win-win financial opportunities for Acies, our sales channels and our merchant accounts, we remain confident that 2007 will indeed be another year of significant growth and success for our Company."

Due to the Fourth of July holiday, Acies will delay its public conference call until Thursday, July 6, 2006. Acies will host a teleconference that afternoon, beginning at 4:15 PM Eastern, and invites all interested parties to join management in a discussion regarding the Company's financial results, corporate progress and other meaningful developments. The conference call can be accessed via telephone by dialing 1-800-259-0251 and entering the passcode 81608832, or via the Internet at www.aciesinc.com. For those unable to participate at that time, a replay of the web cast will be available for 90 days on www.aciesinc.com.

About Acies Corporation (pronounced "ay-see-us")

Headquartered in New York City, Acies Corporation 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.

"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, including the risk factors in its form 10-KSB for the year ended March 31, 2005. 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.

For More Information, Please Contact: 

Dodi Handy President and CEO Elite Financial Communications Group (407) 585-1080 acie@efcg.net