ClearPoint Business Resources Inc.'s (OTCBB: CBPR.OB) senior secured lender acquired a majority stake in the firm after ClearPoint defaulted on a loan agreement, the company reported.

Chalfont PA-based ClearPoint operates its iLabor platform, an online service that acts as a broker between staffing firms and clients. In addition, it provides vendor management services and its revenue also includes royalties from staffing services.

ComVest Capital LLC, a private investment firm, acquired 18,670,825 shares in ClearPoint under the default -- a 51% stake in the firm. ComVest paid ClearPoint $18,671 for the shares.

Six of ClearPoint's seven board members stepped down in the deal. However, CEO Michael Traina will remain as chairman. He will be joined on the board by Gary Jaggard, CEO of ComVest Capital Advisers LLC. ClearPoint also agreed to appoint Robert O'Sullivan, vice chairman of ComVest Group Holdings LLC, to its board once it is in compliance with applicable U.S. Securities and Exchange Administration rules. The company will go forward with a three-person board.

ClearPoint board members leaving included Brendan Calder, Dennis Cook, Parker Drew, Harry Glasspiegel, Vahan Kololilan and Michael Perrucci.

According to an SEC filing, the default arose from a failure to pay approximately $108,000 in accrued interest payable on Feb. 1, failure to pay a $60,000 installment of a fee due Jan. 1 and a judgment against ClearPoint for approximately $195,330 in a lawsuit brought by AICCO Inc.