Palm Beach, FL 7/9/12 ( StreetBeat ) -- Universal Business Payment Solutions Acquisition Corp ( Nasdaq:UBPS ), a blank check company, said it has agreed to buy three payment companies for $179 million, making its foray into providing transaction processing services to small businesses. Blank check companies are formed to acquire one or more businesses through a merger, share exchange, asset acquisition, plan of arrangement or similar business combination. UBPS said it will buy Electronic Merchant Systems, a credit and debit card sales company; Jet Pay LLC, a card processor; and two other related companies that offer tax filing and payment processing services. UBPS will pay $104 million in cash and $38 million in newly issued common stock. The rest will be paid in the future on achieving certain targets, the company said in a statement. The combined entity is expected to post revenue of $78.9 million in 2012. UBPS will fund the transaction, expected to be completed in a year, by a $60 million credit facility and cash held in trust. Shares of Chester County, Pennsylvania-based UBPS closed at $6.00 on Friday on the Nasdaq. Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling. StreetBeat Disclaimer Distributed by Viestly