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ClearPoint Business Resources Inc. (OTCBB: CPBR.OB), signed a deal with XRoads Solutions Group LLC to provide a chief operating officer and other services to the company, according to a filing with the U.S. Securities and Exchange Commission. Brian Delle Donne, a principal at XRoads, will serve as COO under the deal. Delle Donne had previously served at Computer Horizons Corp. and as executive VP and COO of RCM Technologies Inc., both staffing firms.
XRoads, an operational and performance improvement advisory firm, will receive $50,000 per month for the first four months of Delle Donne's service, according to the filing. In addition, it will get 10% of any increases in ClearPoint's earnings before interest, taxes, depreciation and amortization. XRoads will also receive a warrant to purchase up to 100,000 shares in ClearPoint at 12 cents per share.
And, if ClearPoint pursues financing with a year of the XRoads agreement, XRoads will serve as its non-exclusive financial advisor.
ClearPoint's revenue fell 93.9% to $3.2 million in its fiscal third quarter ended Sept. 30 as it transitioned from a staffing supplier to more of a focus on its iLabor system, an online network for staffing suppliers and buyers.