How to Setup AceStream in Ubuntu 14.04 64bit

Since repository AceStream TV for Ubuntu 14.04 is not yet established, use Ubuntu 13.04 repository:
echo ‘deb raring main’ | sudo tee /etc/apt/sources.list.d/acestream.list 
Set the public key to the repository:
sudo wget -O – | sudo apt-key add
sudo apt-get update
Download acestream-engine and all needed dependencies from the following archive:
Extract the files in your Home folder:
cd Ace-stream-U14.04
sudo dpkg -i acestream-engine-fix-Ubuntu_14.04.deb
Install missing dependencies:
sudo apt-get install python-apsw python-m2crypto
For 64-bit systems: 
cd /tmp && wget && sudo dpkg -i *.deb 
Install AceStream:
sudo apt-get install acestream-full
Now mark the AceStream Engine to stop it from updating.
sudo apt-mark hold acestream-engine
Thanks to   ( who listed the detailed How-to. I have slightly modified it based on my own install experience.