Item 8.01 Other Events

On January 16, 2013, Universal Business Payment Solutions Acquisition Corporation (the "Company") received notice that EarlyBirdCapital, Inc. ("EBC") had commenced arbitration proceedings (the "Claim") against the Company with the International Centre for Dispute Resolution. The Claim alleges that the Company breached a Letter Agreement, dated as of May 9, 2011, with EBC by failing to pay EBC a cash fee of $2,070,000 and reimbursing EBC for certain expenses upon the closing of the Company's initial business combination, which was consummated on December 28, 2012. As a result of such breach, EBC is seeking damages of $2,135,782.20 plus interest and attorney's fees and expenses. The Company intends to vigorously defend the Claim.