Acies Corp. Reports
Continued Merchant Account Growth in October
Total Accounts Grow 170% in
Trailing Twelve Months 75% Year-to-Date in Fiscal 2006
NEW YORK- (BUSINESS WIRE) - November 30, 2005 - 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 October 31, 2005.
Total merchant accounts grew 170 percent in October 2005
compared to the year-ago period. For the first seven months of
fiscal 2006, total merchant accounts grew 75 percent. Acies
noted that the growth in merchant accounts has been generated
organically, with little addition to the Company's
infrastructure or overhead.
"We attribute the rapid growth of our merchant account portfolio
to the success of our sales and marketing efforts, and the
scalability of our business model," said Oleg Firer, President &
CEO of Acies. "We are particularly excited to have nearly
tripled our merchant account portfolio in the past year, which
should provide significantly greater opportunity for future
revenue generation as we enter this year's holiday shopping
season, when transaction volume is historically high."
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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