Message #6 From:
NewsBot Date: November 6, 2006 05:45:00 AM
ACIE News Acies Secures $2 Million Credit Facility to Fund Growth Initiatives
NEW YORK--(BUSINESS WIRE)--Acies Corporation (OTCBB:ACIE), a financial services company that
specializes in providing payment processing and online banking services
to small, medium and large-size merchants across the United States,
today announced that its wholly owned subsidiary Acies, Inc. has secured
a $2 million credit facility from Illinois-based RBL Capital Group, LLC.
A Form 8-K, detailing the terms and conditions of the debt facility, has
been filed with the U.S. Securities and Exchange Commission.
The Company has arranged for an immediate $350,000 draw down against the
credit line to fund its sales and marketing promotional activities and
general operating capital needs.
“This funding will enhance our daily working
capital and allow us to continue to implement key strategic promotional
initiatives designed to enhance and expand our national merchant
portfolio,” stated Oleg Firer, Chairman, CEO
and President of Acies Corporation. “We are
especially pleased that we have secured funding that does not subject
our shareholders to potentially costly dilution that would have occurred
had we pursued an equity financing solution.”
About Acies Corporation (pronounced “ay-see-us”)
Headquartered in New York City, Acies Corporation is a financial
services company that, through its wholly owned subsidiary, 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, 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 and the ability for customers to apply for
an online bank account and pay bills electronically. For more
information, visit http://www.aciesinc.com.
"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, 2005. 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.
