Acies Corporation Announces Second Quarter Results for Fiscal 2008.

Record Revenues Continue; Up 9% and 10% for Comparable Three and Six Month Periods

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, reported its fiscal second quarter results for the three and six months ended September 30, 2007.

Financial Highlights for the Three Months Ended September 30, 2007 Compared to Three Months Ended September 30, 2006:

* Revenues increased 9% to $3,272,356, up from $3,015,261.

* Gross margin increased 19% to $344,566, as compared with $288,737, representing a slightly increased margin as a percentage of revenues.

* G&A expense decreased 10% to $547,605, representing 17% of total sales, compared to $609,691, which was 20% of total sales.

* Net loss decreased 26% to $239,104, or $0.00 loss per share, from a loss of $320,954, or $0.01 loss per share. The improvement reflected the increase in gross margin and decrease in G&A expense, which were partially offset by $36,065 in interest expense in 2007 as compared with no interest expense in the prior year period.

Financial Highlights for the Six Months Ended September 30, 2007 Compared to Six Months Ended September 30, 2006:

* Revenues totaled $6,645,494, a 10% increase over revenues of $6,028,439.

* Gross margin increased 5% to $719,216, up from $688,510. As a percentage of revenues, the margin was unchanged from that of the prior year-to-date period.

* G&A expense increased 3% to $1,127,739, representing 17% of total revenues, compared to $1,097,460, or 18% of total revenues in the prior year period.

* Net loss increased 16% to $476,398, or $0.01 loss per share, compared to a net loss of $408,950, or $0.01 loss per share. The increase in net loss was principally the result of having interest expense of $67,875, whereas we had no interest expense in the prior year.

Oleg Firer, President and Chief Executive Officer of Acies, commented, "Acies continues to enjoy year-over-year revenue increases, but we are far from satisfied with the level of growth exhibited. We are continuing to implement our overall strategic plan, with a focus on sales and marketing initiatives to grow our merchant account portfolio, effective monitoring of revenue and expense related to merchant processing to increase margins, and control over G&A expense, all of which should enhance the bottom line and move us closer to our goal of reaching profitability in the near-term."

Firer added, "The payment processing landscape has seen a great deal of change over the past several years, and Acies has been flexible and nimble in the implementation of its business plan to keep up with the dynamics of the industry. We are still focused on our primary goal of maximizing value over the long-term for our loyal shareholders."

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.

[TABLE OMITTED]
[TABLE OMITTED]

"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, 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, 2007. 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.