Acies Corp. Reports
Continued Merchant Account Growth in September
NEW YORK- (BUSINESS WIRE) - October 25, 2005 - Acies Corporation
(OTCBB: ACIE):
-
Total accounts increased 30% in fiscal
second quarter, 62% in
the past six months, and 142% in the past twelve months
-
Strong growth in seasonally slow period
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 September
30, 2005.
Total merchant accounts grew 30 percent during the second fiscal
quarter, ending September 30, 2005. For the first six months of
fiscal 2006, total merchant accounts grew 62 percent. Total
merchant accounts grew 142 percent during the past twelve
months. Acies noted that the rapid growth in merchant accounts
has been generated organically, with little addition to the
Company's infrastructure or overhead.
"Our merchant account portfolio continues to build critical
mass, marked by rapid growth in the fiscal second quarter," said
Oleg Firer, President & CEO of Acies. "The total number of new
accounts generated this quarter is nearly four times higher than
the total number of new accounts generated in the same period a
year ago. Based on this increased sales traction, we expect a
significant positive impact on top-line performance as newly
signed merchants come online and begin to contribute to revenues
going forward."
"We believe this success illustrates the scalability of our
business model and the quality of our sales and marketing
efforts, and we are especially pleased to realize such a high
rate of growth during what is seasonally a slow sales period."
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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