| [September 26, 2005] |
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Acies Corp. Announces Merchant Account Growth Statistics; Total Merchant Accounts Grew 48% In First Five Months of Fiscal 2006; 129% in Trailing Twelve Months
NEW YORK --(Business Wire)-- Sept. 26, 2005 -- Acies Corporation (OTC BB: 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 August 31, 2005.
During the first five months of fiscal 2006, total merchant accounts increased 48%. For the trailing twelve month period ended August 31, 2005, total merchant accounts grew 129%. Acies noted that the rapid growth in merchant accounts has been generated organically and without any addition to the Company's infrastructure or overhead, effectively demonstrating the Company's scalable operating model and overall new business success.
"We continued to grow at an accelerating pace, even through the typically slow summer season, by capitalizing on significant opportunities in new and existing markets. We have successfully implemented a flexible, multi-tiered approach to our marketing strategy, with growth being derived from our direct sales force and national network of ISOs and independent agents," said Oleg Firer, President & CEO of Acies.
"The strong growth in our merchant portfolio demonstrates that we have gained significant traction in the marketplace with our ability to provide quality, cutting-edge solutions to our merchant customers. We attribute our strong organic growth to increased sales and marketing initiatives, and remain committed to enhancing our capabilities for continued success."
About Acies Corporation
Acies Corporation (OTC BB: ACIE.OB) 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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