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 New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Acies Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ACIE ACIE Association of Charity Independent Examiners ACIE Association of the Cement Industries Employers (Iran) ), a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company specializing in providing payment processing and online banking services to small, medium and large-size merchants across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , 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 di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. 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 Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 This article or section deals primarily with the English-speaking world and does not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. 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 Fourth of July, Independence Day, or July Fourth, U.S. holiday, commemorating the adoption of the Declaration of Independence. Celebration of it began during the American Revolution. 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 Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the 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 New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Acies Corporation is a financial services company that, through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , 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 A monetary amount that is subtracted from an account balance. A debit from one account is a credit to another. See credit. , Electronic Benefit Transfer (EBT EBT See: Earnings Before Taxes ), Check Conversion, and Gift & Loyalty transactions. Acies also offers traditional and next-generation point-of-sale (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) 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 online bank account and pay bills electronically. For more information, visit http://www.aciesinc.com.
ACIES CORPORATION CONSOLIDATED BALANCE SHEET
As of March 31, 2006
ASSETS
Current Assets
Cash $ 124,804
Accounts receivable 926,647
------------
Total current assets 1,051,451
Prepaid assets and deposit 41,042
Fixed assets, net of accumulated depreciation of $11,672 30,515
Merchant Terminal Equipment, net of accumulated
depreciation of $30,471 158,712
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Total Assets $ 1,281,720
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 904,762
Accrued compensation to officers 160,000
Merchant Equipment Deposits 13,959
------------
Total current liabilities 1,078,721
------------
Deferred Rent and Other Obligations 33,839
------------
Total Liabilities 1,112,560
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Commitment and contingencies -
Shareholders' Equity
Common stock, $.001 par value, 200,000,000 shares
authorized, 50,563,751 shares issued and outstanding 50,564
Additional paid in capital 4,517,414
Deferred compensation (82,500)
Accumulated deficit (4,316,318)
------------
Total shareholders' equity 169,160
------------
Total Liabilities and Shareholders' Equity $ 1,281,720
============
ACIES CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended March 31, 2006 and 2005
2006 2005
----------- -----------
Net revenues $ 8,979,849 $ 3,920,139
Cost of revenues 7,592,045 3,273,967
----------- -----------
Gross margin 1,387,804 646,172
Corporate expenses:
Personnel expense 1,163,907 440,920
Professional fees 258,656 609,075
General, administrative and selling 584,635 620,926
Stock-based compensation 82,500 -
Rent 147,524 119,438
Stock for services - 2,085,436
Warrants 28,463 32,654
----------- -----------
Total corporate expenses 2,265,685 3,908,449
----------- -----------
Operating loss (877,881) (3,262,277)
Loss on extinguishment of debt (28,453) (72,447)
Interest expense (1,063) (7,500)
Interest income 4,087 1,129
----------- -----------
Net loss $ (903,310)$(3,341,095)
=========== ===========
Net income (loss) per share
Basic and Diluted $ (0.02)$ (0.09)
Weighted average shares outstanding
Basic and Diluted 47,972,397 35,829,922
"Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This press release contains or may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. 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, 2006. 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 Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a effect. |
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