CHALFONT, Pa., June 20 /PRNewswire-FirstCall/ -- ClearPoint Business Resources, Inc. (Nasdaq: CPBR), a provider of innovative workforce management solutions, today announced it has obtained new capital of $12 million from ComVest Capital, LLC ("ComVest") in the form of a $9 million term loan (before an original issue discount of $1 million) and a $3 million revolving credit facility. In addition, our existing lenders have agreed to remain as financial partners with ClearPoint in a subordinated position to ComVest.

Mike Traina commented, "We are very pleased with the endorsement by ComVest of our iLabor business model. This is a significant step forward in providing the necessary working capital to accelerate the growth in iLabor and a key milestone in our transition from our legacy staffing business to our iLabor technology platform."

Mr. Traina added, "We believe the iLabor business model coupled with our new capital clearly positions us as the primary alternative to the vendor management (VMS) industry. The new capital provides us with the financial stability to expand our supplier network and attract new customers to solidify our position as a leader in helping companies manage their usage of temporary labor."

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Forward-looking statements may include, without limitation, statements relating to ClearPoint's plans, strategies, objectives, expectations and intentions and are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Some of the forward-looking statements can be identified by the use of forward-looking terms such as "believes," "expects," "may," "will," "should," "could," "seek," "intends," "plans," "estimates," "anticipates" or other comparable terms. Factors that could cause actual results to differ from those anticipated include, but are not limited to, the risks and uncertainties detailed in the reports filed by ClearPoint with the SEC. You should not place undue reliance on ClearPoint's forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and ClearPoint undertakes no obligation to update or revise any forward-looking statements.

About Comvest Capital

The ComVest Group is a Private Equity firm focused on investing in middle-market companies. Since 1988 ComVest has invested more than $2 billion of capital in over 200 public and private companies worldwide. Through its extensive financial resources and broad network of industry experts, ComVest is able to offer its companies total financial sponsorship, critical strategic support, and business development assistance. ComVest's focus is centered on building industry leading companies and creating long term value for equity holders.

About ClearPoint

ClearPoint Business Resources, Inc. ("ClearPoint") is a workforce management solutions provider to clients ranging from small businesses to Fortune 500 companies. ClearPoint's iLabor network is a proprietary technology-based platform that provides its clients with a comprehensive web-based portal to streamline the process involved in procurement and management of temporary labor. Orders placed by ClearPoint's clients are fulfilled through a network of ClearPoint-approved staffing vendors. The iLabor platform provides a virtual marketplace for the electronic procurement ("e-procurement") of temporary labor and provides the client with one contract and one contact point to order temporary labor on a national scale. iLabor is an on-demand e-procurement solution that is hosted by ClearPoint which eliminates the need for clients to install and maintain costly hardware and software applications. The client can access iLabor through standard Internet connections and web browsers, and is assigned access codes and account information, eliminating the need for time consuming and costly systems integrations. The iLabor platform provides real-time feedback on all posted positions and provides a centralized reporting mechanism for clients to review and monitor their spending on temporary labor on a national basis. The iLabor network is a technology-based procurement method that provides a low cost and easy alternative for ClearPoint's clients, as well as traditional staffing companies in the industry, to procure temporary labor through a large ClearPoint-approved staffing vendor network that has broad national coverage. The iLabor platform is a fully scalable product offering that can accommodate significant growth in transaction volumes for ClearPoint without significant increases to the Company's existing cost structure.



    For more information about ClearPoint, visit http://www.clear-point.com.

     Contact Information:
     Michael Traina, CEO
     ClearPoint Business Resources, Inc.
     (215) 997-7710
     mtraina@clear-point.com

SOURCE ClearPoint Business Resources, Inc.