Antich added "While A D Computer has historically focused on local markets, our in-house adaptable payroll processing infrastructure combined with the UBPS vision and customer access provides significant capacity and opportunity to accelerate our growth under UBPS.
I am excited that Trent Voigt, JetPay's CEO, and JetPay have joined UBPS," stated Shah.
Trent Voigt added, "We believe that UBPS provides us with the vision as well as the financial strength to accelerate our growth.
Nasdaq also previously identified that UBPS may have fewer than 300 round-lot public holders and fewer than two active market makers, which were the subject of prior communications by Nasdaq.
All subsequent written and oral forward-looking statements concerning UBPS, a potential transaction agreement, the related transactions, or other matters and attributable to UBPS or any person acting on its behalf, are expressly qualified in their entirety by the cautionary statements above.
On a pro-forma basis for calendar year ended December 31, 2011, the combined entities generated over $70 million in revenues and $17 million in EBITDA, without giving effect to immediately identifiable synergies which UBPS estimates to be in excess of $3.
The company has historically focused on local markets in the Lehigh Valley, Pennsylvania region, but has created an adaptable payroll processing infrastructure with capacity to expand into other markets under UBPS.
For example, whereas a restaurant may have previously gone to separate companies to get its employee a debit card, process their payroll, and access daily working capital; they can now receive all of those services from UBPS as a one-stop shop.
Upon closing, UBPS expects to serve more than 23,000 small business customers through approximately 400 employees, with significant capacity for expansion.
The UBPS management team is rounded out by Peter Davidson, CAO, formerly EVP of Genpass, and earlier senior management positions with CoreStates Financial, HSBC and Speer & Associates.
Ryan, current UBPS board member and former CEO, Prudential Financial Inc.