Acies Corporation Announces Financial
Results for Fiscal 2008
NEW YORK- (BUSINESS WIRE) - August 15, 2008 - Acies
Corporation (OTCBB:ACIE), a business services company specializing in providing
payment processing services primarily to small to medium-size merchants across
the United States, today announced its financial results for the fiscal year
ended March 31, 2008.
Financial Highlights for the Fiscal Year Ended March 31,
2008 Compared to Fiscal Year Ended March 31, 2007:
-
Gross margin increased 31% to $1,527,747, as compared with
$1,169,010, gross margin increased principally as a result of the increase in
the average ticket and the pricing increase, the effects of which combined to be
greater than the increase in cost of revenue.
-
Corporate expenses totaled $2,037,997 (including non-cash
charges for option expense and restricted stock of $83,447), which represented
15.5% of revenues, compared to corporate expenses of $2,272,653 (including
non-cash charges for restricted stock expense of $347,273), which represented
19.2% of revenues.
-
Net loss decreased to $668,597, or $0.01 loss per share,
from a net loss of $1,130,717, or $0.02 loss per share. The decrease in net loss
is primarily attributable to an increase in gross margin and a decrease in
corporate expenses, partially offset by the increase in interest expense
($158,455 compared to $27,593) for the year ended March 31, 2008, compared to
the year ended March 31, 2007.
Oleg Firer, President and Chief Executive Officer of Acies,
commented, “Fiscal 2008 was filled with challenges and growth obstacles for
Acies. I believe the fact that we have faced these challenges and have continued
to grow our revenues is a major milestone for Acies.
For a more detailed description of our results of
operations for the fiscal year ended March 31, 2008, and 2007, we encourage you
to review our Form 10-KSB for the year ended March 31, 2008, filed on the
Securities and Exchange Commission’s EDGAR filing system at www.sec.gov.
About Acies Corporation (pronounced "ay-see-us")
Headquartered in New York City, Acies Corporation is a business services company
that, through its wholly owned subsidiary, Acies, Inc., specializes in providing
payment processing services primarily to small- to medium-sized 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. 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 future 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
subject to 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, 2008. Acies takes no obligation to update or
correct forward-looking statements, and also takes no obligation to update or correct
information prepared by third parties that are not paid for by the Company.
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