<SUBMISSION>
<ACCESSION-NUMBER>0001144204-10-008393
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20100209
<ITEMS>2.04
<ITEMS>3.02
<ITEMS>5.01
<ITEMS>5.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20100216
<DATE-OF-FILING-DATE-CHANGE>20100216
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Clearpoint Business Resources, Inc
<CIK>0001298663
<ASSIGNED-SIC>7363
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-51200
<FILM-NUMBER>10609942
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1600 MANOR DRIVE
<STREET2>SUITE 110
<CITY>CHALFONT
<STATE>PA
<ZIP>18914
<PHONE>215-569-5693
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1600 MANOR DRIVE
<STREET2>SUITE 110
<CITY>CHALFONT
<STATE>PA
<ZIP>18914
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Terra Nova Acquisition CORP
<DATE-CHANGED>20040727
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>v174721_8k.htm
<TEXT>
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REPORT</font></div>
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of Report (Date of earliest event reported) February 9, 2010</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
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provisions (<font style="DISPLAY: inline; TEXT-DECORATION: underline">see</font>
General Instruction A.2. below):</font></div>
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      2.04</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Triggering
      Events That Accelerate or Increase a Direct Financial Obligation or an
      Obligation under an Off-Balance Sheet
  Arrangement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Business Resources, Inc. (the &#8220;Company&#8221;) has previously disclosed in its reports
filed with the Securities and Exchange Commission that the Company entered into
an Amended and Restated Revolving Credit Agreement dated as of August 14, 2009
(the &#8220;Amended Loan Agreement&#8221;) with ComVest Capital, LLC (&#8220;ComVest&#8221;), pursuant
to which ComVest extended a secured revolving credit facility to the Company
with an initial maximum availability of $10.5 million.&#160;&#160;The Amended
Loan Agreement amended and restated the Revolving Credit and Term Loan
Agreement, dated as of June 20, 2008, as amended, between the Company and
ComVest (the &#8220;Original Loan Agreement&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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connection with the Amended Loan Agreement, the Company issued to ComVest an
Amended and Restated Warrant, dated August 14, 2009 (the &#8220;ComVest Warrant&#8221;), to
purchase, in the aggregate, 2,210,825 shares of the Company&#8217;s common stock,
$0.0001 par value per share (the &#8220;Common Stock&#8221;).&#160;&#160;Upon the occurrence
and during the continuation of certain events of default under the Amended Loan
Agreement, and upon five (5) business days&#8217; notice to the Company, the ComVest
Warrant was exercisable for a number of shares of Common Stock that constituted
51% of the fully diluted Common Stock of the Company at the time of exercise (a
&#8220;Default Exercise&#8221;).&#160;&#160;The exercise price of the ComVest Warrant
related to the Default Exercise was $0.001 per share of Common
Stock.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
February 9, 2010, the Company received a notice of default (the &#8220;Default
Notice&#8221;) from ComVest in connection with the Amended Loan
Agreement.&#160;&#160;The Company defaulted on its obligations under the Amended
Loan Agreement as a result of: (i) its failure to pay approximately $108,000 of
accrued interest which was due and payable on February 1, 2010; (ii) its failure
to pay a $60,000 installment of a certain modification fee which was due and
payable on January 1, 2010; and (iii) the entry of a judgment against the
Company related to the lawsuit filed by AICCO, Inc. and delivery of a judgment
note in favor of AICCO, Inc. in the amount of approximately $195,330. Pursuant
to a letter dated February 10, 2010, ComVest&#160;waived existing defaults under
the&#160;Amended Loan Agreement.&#160;</font></div>
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consequence of such defaults, the Default Notice states that ComVest elected to
invoke the Default Exercise provision under the ComVest Warrant.&#160;&#160;As a
result, the Company is obligated to issue to ComVest 18,670,825 shares of Common
Stock (the &#8220;Default Exercise Shares&#8221;) and received approximately $18,671 from
ComVest as the exercise price of the ComVest Warrant.&#160;&#160;Such amount was
paid from ComVest&#8217;s working capital.&#160;&#160;In connection with this
transaction, effective February 16, 2010, ComVest owned 51% of the Company&#8217;s
fully diluted Common Stock and approximately 56.7% of outstanding shares of the
Company&#8217;s Common Stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company is obligated to issue the Default Exercise Shares in reliance on the
exemption from the registration requirements of the Securities Act of 1933, as
amended (the &#8220;Securities Act&#8221;), under Section 4(2) of the Securities Act, based
upon a determination that the Default Exercise Shares will be issued to a
sophisticated investor who could fend for itself and who had access to
information about the Company and there was no general
solicitation.</font></div>
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      3.02</font></div>
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            <td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
disclosures set forth in Item 2.04 above relating to the issuance of the Default
Exercise Shares are incorporated by reference into this Item 3.02.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes
      in Control of Registrant.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
disclosures set forth in Item 2.04 above relating to the change in control of
the Company are incorporated by reference into this Item 5.01.&#160;&#160;The
disclosures set forth in Item 5.02 below relating to the changes in the
composition of the Board of Directors of the Company (the &#8220;Board&#8221;) are
incorporated by reference into this Item 5.01.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      5.02</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Departure
      of Directors or Certain Officers; Election of Directors; Appointment of
      Certain Officers; Compensatory Arrangements of Certain
      Officers.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
connection with the exercise of the ComVest Warrant, each of the following
members of the Board resigned effective February 16, 2010:&#160;&#160;Brendan
Calder, Dennis Cook, Parker Drew, Harry Glasspiegel, Vahan Kololian and Michael
Perrucci.&#160;&#160;Michael D. Traina, the Company&#8217;s Chief Executive Officer,
remains a director and Chairman of the Board.&#160;&#160;The Company reduced the
size of the Board to three directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
appointed Gary E. Jaggard to serve as a Class B director of the Company
effective February 16, 2010 in connection with the exercise of the ComVest
Warrant.&#160;&#160;Mr. Jaggard serves as the Chief&#160;Executive
Officer&#160;of ComVest Capital Advisors, LLC, an affiliate of ComVest Group
Holdings, LLC and the Managing Director of ComVest, the Company&#8217;s senior
lender.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
has not determined on which Board committees Mr. Jaggard will
serve.&#160;&#160;Information regarding Mr. Jaggard&#8217;s committee membership and
any material plan, contract or arrangement to be entered into between the
Company and Mr. Jaggard in connection with his election or any grant or award to
Mr. Jaggard under any such plan, contract or arrangement is not finalized at
this time. An amended Current Report on Form 8-K will be filed with the
Securities and Exchange Commission when such information becomes
available.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The third
director position currently remains vacant and the Board agreed to appoint
Robert O&#8217;Sullivan, Vice Chairman of ComVest Group Holdings, LLC, to serve as a
Class C director of the Company effective upon the Company&#8217;s compliance with
Rule 14f-1 promulgated under the Securities Exchange Act of 1934, as
amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
discussed in Item 2.04 above, ComVest and the Company entered into the Original
Loan Agreement and the Amended Loan Agreement and the Company issued the ComVest
Warrant to ComVest.&#160;&#160;During the fiscal year ended December 31, 2008,
the Company paid ComVest an aggregate of approximately $1,345,990 and $384,190
in principal and interest, respectively, pursuant to the term loan, $530,000 and
$10,068 in principal and interest, respectively, pursuant to the revolving loan,
and $11,360 in fees under the Original Loan Agreement.&#160;&#160;During the
fiscal year ended December 31, 2009, the Company paid ComVest an aggregate of
approximately $535,961 and $427,136 in principal and interest, respectively,
pursuant to the term loan, $0 and $85,711 in principal and interest,
respectively, pursuant to the revolving loan, and $38,868 in fees under the
Original Loan Agreement.&#160;&#160;During the fiscal year ended December 31,
2009, the Company paid ComVest approximately $0 and $21,362 in principal and
interest, respectively, and $363 in fees pursuant to the Amended Loan
Agreement.&#160;&#160;During the period of January 1, 2010 through the date of
this Current Report on Form 8-K, the Company paid ComVest approximately $0 and
$30,264 in principal and interest, respectively, and $13,118 in fees pursuant to
the Amended Loan Agreement.&#160;&#160;Amounts outstanding under the Original
Loan Agreement bore interest at a rate of 7% and amounts outstanding under the
Amended Loan Agreement bore interest at a rate of 12% during such
periods.&#160;&#160;As of December 31, 2008, $7,654,010 was outstanding on the
term loan and $1,000,000 was outstanding on the revolving loan under the
Original Loan Agreement.&#160;&#160;As of December 31, 2009, $10,383,061 was
outstanding under the Amended Loan Agreement, in addition to interest and fees
of $857,941.&#160;&#160;As of the date of this Current Report on Form 8-K,
$10,495,952 was outstanding under the Amended Loan Agreement in addition to
approximately $1,007,516 in accrued interest and modification
fees.&#160;&#160;The largest amount outstanding under either loan agreement
since January 1, 2008 was $10,495,952, excluding accrued interest and
modification fees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      7.01.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Regulation
      FD Disclosure.</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
February 16, 2010, the Company issued a press release announcing the
transactions disclosed in this Current Report on Form 8-K.&#160;&#160;A copy of
the press release is attached hereto as Exhibit 99.1 and incorporated herein by
reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      9.01</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
      Statements and Exhibits.</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits.</font></div>
            </td>
          </tr>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <tr>
            <td align="left" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
      No.</font></div>
            </td>
            <td align="left" valign="top" width="67%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="13%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="67%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
            </td>
            <td align="left" valign="top" width="67%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press
      Release dated February 16, 2010.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="top" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">CLEARPOINT
      BUSINESS RESOURCES, INC.</font></div>
              </td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid">
              </td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:
      </font></div>
              </td>
              <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      John G. Phillips</font></div>
              </td>
              <td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:&#160;&#160;
      </font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">John
      G. Phillips</font></div>
              </td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title:</font></div>
              </td>
              <td valign="top" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief
      Financial Officer</font></div>
              </td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;&#160;February
16, 2010</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">S -
1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
Index</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
      No.</font></div>
            </td>
            <td align="left" valign="top" width="67%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="13%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="67%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
            </td>
            <td align="left" valign="top" width="67%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press
      Release dated February 16, 2010.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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      </div>
      <div id="PN">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">E -
1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v174721_99-1.htm
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    <title>Unassociated Document</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
99.1</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ComVest
Capital, LLC Purchases Majority Stake in ClearPoint Business Resources,
Inc.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CHALFONT,
Pa., February 16, 2010 /PRNewswire-FirstCall/ -- E-procurement management
company ClearPoint Business Resources, Inc. (CPBR.OB: OTC Bulletin Board)
announced today that ComVest Capital, LLC purchased a 51% interest in the
Company on a fully diluted basis through the exercise of a
warrant.&#160;&#160;The Company, which owns and operates its iLabor
e-procurement platform, provides temporary staffing companies with
technology-enabled access to the most competitive marketplace for buying and
selling temporary labor.&#160;&#160;ComVest serves as the Company&#8217;s senior
lender under a secured revolving credit facility.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;As the
adoption of iLabor continues to increase, we are excited to have ComVest as a
majority stakeholder&#8221;, stated Michael Traina, ClearPoint Chairman and
CEO.&#160;&#160;Traina continued, &#8220;It is a true testament to our company and our
business model that a billion dollar financial institution like ComVest is
willing to invest in the Company and is interested in funding our
growth.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
connection with this transaction, <font style="DISPLAY: inline; COLOR: #000000">directors Brendan Calder, Dennis Cook,
Parker Drew, Harry Glasspiegel, Vahan Kololian and Michael Perrucci resigned
from the Company&#8217;s board of directors.&#160;&#160;Gary E. Jaggard,&#160;Chief
Executive Officer</font>&#160;of ComVest Capital&#160;Advisors, LLC, an
affiliate of ComVest Group Holdings, LLC and the Managing Director of ComVest
Capital, LLC, was appointed by the Company&#8217;s Board of Directors to serve on the
Board<font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;The Board also
agreed to appoint Robert O&#8217;Sullivan, Vice Chairman of ComVest Group Holdings,
LLC, as a member of the Board of Directors upon the Company&#8217;s compliance with
applicable SEC rules.&#160;&#160;Michael Traina will remain on the
board.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">&#8220;We consistently review each of our
portfolio investments and we have been impressed by iLabor&#8217;s adoption among the
nation&#8217;s largest staffing companies;&#8221; stated Mr. Jaggard, &#8220;ClearPoint&#8217;s value
proposition of immediate revenue increase clearly rings true with their staffing
company clients and we look forward to continuing to support the Company and
taking a more active role in its growth.&#8221;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company issued the warrant to ComVest in connection with ComVest&#8217;s extension of
the secured revolving credit facility to the Company on August 14,
2009.&#160;&#160;Under the terms of the Amended and Restated Revolving Credit
Agreement with the Company, ComVest received the right, in connection with
certain events of default, to exercise its warrant for 51% of the fully-diluted
common stock of the Company.&#160;&#160;On February 9, 2010, the Company
received a notice of certain defaults from ComVest under the Amended and
Restated Revolving Credit Agreement, including the Company&#8217;s failure to pay
ComVest approximately $168,000, in the aggregate, of accrued interest and a loan
modification fee.&#160;&#160;The Company is obligated to issue to ComVest
18,670,825 shares of common stock and received approximately $18,671 from
ComVest as the exercise price of the warrant.&#160;&#160;As a result of this
transaction, ComVest now owns 51% of the Company&#8217;s fully diluted common stock
and approximately 56.7% of the outstanding common stock of the
Company.&#160;&#160;In addition to its majority stockholder position, ComVest
remains the Company&#8217;s senior secured lender and has waived existing defaults
under the revolving credit facility.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">About
ClearPoint</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ClearPoint
Business Resources, Inc. offers services focused on assisting the temporary
staffing industry.&#160;&#160;ClearPoint, through its web-enabled technology
offering, provides a unique service for the temporary staffing and services
community.&#160;&#160;Through ClearPoint&#8217;s iLabor network,which can be easily
accessed through its web portal, ClearPoint works with the nation&#8217;s largest
staffing companies helping them maximize revenue by filling more orders and not
having to turn away open jobs.&#160;&#160;ClearPoint helps staffing companies
capably respond to more VMS orders and RFPs where they are limited in their
footprint.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">About
ComVest Group Holdings, LLC</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
ComVest Group is a leading private investment firm focused on providing debt and
equity solutions to middle-market companies with enterprise values of less than
$350 million.&#160;&#160;Since 1988, ComVest has invested more than $2 billion
of capital in over 200 public and private companies
worldwide.&#160;&#160;Through its extensive financial resources and broad
network of industry experts, ComVest offers its portfolio companies financial
sponsorship, critical strategic support, and business development
assistance.</font></div>
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