NEW YORK, Feb. 25, 2005 (PRIMEZONE) -- Acies Corporation (OTCBB:ACIE), an electronic payment, transaction processing, and electronic banking services provider to small and medium size businesses, today said FinancialWire, an independent, proprietary news service of Investrend Information, a division of Investrend Communications, Inc., issued a false and misleading press release regarding Acies on February 23, 2005.
In its press release, FinancialWire stated that the public has not been provided with any disclosures regarding Barrow Street Research's compensation arrangement with Acies for its research report on the company. Acies said these allegations are demonstrably false.
In commenting on the FinancialWire press release, Oleg Firer, Chief Executive Officer of Acies, stated, "The FinancialWire press release is false, and misleads the public by alleging that Acies failed to disclose to the investment public the compensation arrangement for research conducted by Barrow Street Research on behalf of Acies. Our press release, which we issued on February 16, 2005, and which is available on http://www.aciesinc.com , expressly disclosed that 'Barrow Street Research received compensation in the form of $6,000 from Acies Corporation for its time and due diligence in preparing this research report.' In addition, the Barrow Street Research report also discloses this financial compensation arrangement between Acies and Barrow Street."
Acies intends to pursue all available legal remedies against FinancialWire, Investrend Information and Investrend Communications, Inc.
About Acies Corporation
Acies, Inc. ("Acies"), a wholly owned subsidiary of Acies Corporation, is a financial services company that specializes in payment processing services 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, 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. Acies' banking services offer customers traditional banking services, ability for customers to apply for an on-line bank account and pay bills electronically.
For more information, visit http://www.aciesinc.com .
Forward-looking Statements
"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. 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.