Universal Business Payment Solutions Acquisition Corporation Makes Announcement

Universal Business Payment Solutions Acquisition Corporation (NASDAQ: UBPSU) (the "Company") announced today the pricing of its initial public offering ("IPO"). The IPO was for an aggregate of 12,000,000 units at an offering price of $6.00 per unit. Each unit consists of one share of the Company's common stock, $0.001 par value per share (the "Common Stock"), and one warrant to purchase one share of Common Stock. In addition, the underwriters have a 45-day option to purchase up to an additional 1,800,000 units from the Company at the initial public offering price to cover over-allotments, if any. Prior to the effectiveness of the IPO, the Company consummated a private placement of 6,960,000 warrants at $0.50 per warrant to certain initial investors and the underwriters of the Company's IPO. EarlyBirdCapital, Inc. acted as the lead managing underwriter and Rodman & Renshaw and Cohen & Co. acted as co-managers of the IPO. Dechert LLP acted as counsel to the Company and Greenberg Traurig LLP acted as counsel to the underwriters' representative.

The Company is a blank check company recently incorporated for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, exchangeable share transaction or other similar business transaction, one or more operating business that it has not yet identified that will serve as its core platform from which to offer small businesses consolidated payments services.

A registration statement relating to these units and the underlying securities was declared effective by the Securities and Exchange Commission on May 9, 2011. This press release shall not constitute an offer to sell nor the solicitation of an offer to buy any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction. A copy of the prospectus relating to this offering may be obtained from EarlyBirdCapital, Inc., 275 Madison Avenue, 27th Floor, New York, NY 10016.

For more information about the Company, please visit www.ubpsac.com.

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