Acies Corporation Announces Third Quarter Results for Fiscal 2008.

Record Revenues Continue; Up 13% and 11% for Comparable Three and Nine 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 third quarter results for the three and nine months ended December 31, 2007.

Financial Highlights for the Three Months Ended December 31, 2007 Compared to Three Months Ended December 31, 2006:

* Revenues increased 13% to $3,323,344, up from $2,932,298.

* Gross margin increased 33% to $400,619, compared to $300,639. Gross margin as a percentage of revenues increased to 12% from 10%.

* General, administrative and selling ("G&A") expense decreased 39% to $427,335, representing 13% of revenues, from $695,367, which was 24% of revenues. The decrease in G&A expense was primarily the result of decreased personnel costs, including a decrease in non-cash compensation expense of approximately $178,000 for the fair value of stock options and restricted stock.

* Operating loss improved to $26,716 from $394,728.

* Net loss improved to $71,765, or $0.00 per share, from $405,021, or $0.01 loss per share, as the increased gross margin and decreased G&A expense were partially offset by a $34,000 increase in interest expense.

Financial Highlights for the Nine Months Ended December 31, 2007 Compared to Nine Months Ended December 31, 2006:

* Revenues increased 11% to $9,968,838, up from $8,960,737.

* Gross margin increased 19% to $1,180,308, compared to $989,149. Gross margin as a percentage of revenues increased to 12% from 11%.

* General, administrative and selling ("G&A") expense decreased 13% to $1,555,075 from $1,792,827. The decrease in G&A expense was primarily the result of decreased personnel costs, including a decrease in non-cash compensation expense of approximately $219,000 for the fair value of stock options and restricted stock.

* Operating loss improved to $374,767 from $803,678.

* Net loss improved to $487,690, or $0.01 loss per share, compared to a net loss of $813,971, or $0.02 loss per share, as the increased gross margin and decreased G&A expense were partially offset by a $102,000 increase in interest expense.

Commenting on the results, Oleg Firer, President and Chief Executive Officer of Acies, said: "We are pleased to be heading toward our primary goal of becoming profitable in the near future. As our revenues and margins continue to grow, and with controlled G&A costs which continue to decrease, I am confident that sustained profitability and positive cash flow are on the very real and visible horizon for Acies."

Firer added, "Our flexible sales strategy and operations infrastructure have enabled us to 'roll with the punches' in our ever-changing competitive landscape. We are able to overcome challenges in the short-run to remain focused on maximizing shareholder value over the long run."

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 forward-looking statements within the meaning of the federal securities laws, such as statements regarding the Company's ability to grow revenues and margins, control G&A costs and achieve positive cash flow and profitability. Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on beliefs and assumptions of the Company's management, which in turn are based on currently available information. These assumptions could prove inaccurate. Forward-looking statements are also affected by known and unknown risks that may cause the actual results of the Company to differ materially from any future results expressed or implied by such forward-looking statements, including the risks and uncertainties 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 and subsequent filings. 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.