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ClearPoint Business Resources Inc. (NASD: CPBR), a provider of workforce management solutions, has obtained new capital of $12 million from ComVest Capital LLC 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, the company's existing lenders have agreed to remain as financial partners with ClearPoint in a subordinated position to ComVest.
"We are very pleased with the endorsement by ComVest of our iLabor business model," said Mike Traina, chairman and CEO of ClearPoint. "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."
Traina continued, "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."