Acies Corporation Announces Second Quarter Results for Fiscal 2007.

Record Revenues Continue; Up 47% and 63% for Comparable Three and Six Month Periods

Conference Call and Web Cast Scheduled for Tuesday, November 21, 2006 at 4:15 PM ET

NEW YORK -- 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 fiscal second quarter results for the three and six months ended September 30, 2006.

Financial Highlights for the Three Months Ended September 30, 2006 Compared to Three Months Ended September 30, 2005:

* Revenues climbed 47.4% to $3,015,261, up from $2,045,165. On a sequential quarter-over-quarter basis, revenues remained strong and steady, increasing modestly from $3,013,179.

* Gross margin was $288,737, as compared with $286,261, representing a lower margin as a percentage of revenues principally as a result of lower pricing and greater account acquisition costs.

* G&A expense was $609,691, representing 20.2% of total sales, compared to $543,150, which was 26.6% of total sales.

* Net loss increased 25.7% to $320,954, or $0.01 loss per share, from $255,364, or $0.01 loss per share. The increase was due principally to the relatively flat gross margin and increased G&A expense.

Financial Highlights for the Six Months Ended September 30, 2006 Compared to Six Months Ended September 30, 2005:

* Revenues totaled $6,028,439, a 63.2% increase over revenues of $3,693,686.

* Gross margin increased 18.5% to $688,510, up from $580,731.

* G&A expense was $1,097,460, representing 18.2% of total revenues, compared to $1,005,960, or 27.2% of total revenues in the prior year period.

* Net loss declined 9.3% to $408,950, or $0.01 loss per share, compared to a net loss of $450,703, or $0.01 loss per share. The decrease in net loss was the result of the increased gross margin and not having a loss on extinguishment of debt in the current period, offset by increased G&A expense.

Commenting on the results, Jeffrey Tischler, Executive Vice President and Chief Financial Officer of Acies, stated, "We are very pleased with our continued year-over-year revenue growth. Despite increased pricing pressure in several key verticals, we remain confident that, through creative marketing initiatives and continued effective expense control, we are building a solid foundation for continued long-term growth and future profitability."

Oleg Firer, President and Chief Executive Officer of Acies, commented, "Every key milestone that Acies has achieved since the founding of our Company has been rooted in one core belief - through an unwavering commitment to excellence and customer-focused attention, Acies will distinguish itself as an industry preferred source for innovative, comprehensive payment processing solutions to the small- to medium-size merchant marketplace." Firer added, "This commitment has continued to drive meaningful revenue growth solely through organic sales channels, and we are very proud of this accomplishment. However, we still have much work to do to achieve the level of success that we believe Acies can deliver for our shareholders."

"In anticipation of a busy holiday shopping season, Acies recently unveiled a series of creative campaigns designed to attract and win a broad array of new accounts to the Acies family of merchants. We are enjoying a favorable response to these programs and have high hopes that this latest initiative will result in an expanded customer base as we progress through the fiscal year," concluded Firer.

Acies will host a teleconference tomorrow afternoon, Tuesday, November 21, 2006, 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 800-901-5213 and entering the passcode 19457159, or via the Internet 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, 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.

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"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, 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 effect.