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8-K - Clearpoint Business Resources, Inc | v178478_8-k.htm |
Exhibit
99.1
ClearPoint
Business Resources, Inc. Intends to Voluntarily Discontinue the Quotation of its
Common Stock on The OTC Bulletin Board
CHALFONT,
PA., March 24, 2010 – E-procurement management company ClearPoint Business
Resources, Inc. (CPBR.OB: OTC Bulletin Board), today announced that it intends
to voluntarily discontinue the quotation of its common stock on The OTC Bulletin
Board and to deregister its common stock under the Securities Exchange Act of
1934. In connection with the deregistration, ClearPoint will no
longer be subject to SEC reporting requirements and ClearPoint’s common stock
will no longer be quoted on The OTC Bulletin Board. ClearPoint
expects that its common stock will continue to be quoted on the Pink Sheets and
intends to continue to make financial information available to stockholders upon
request.
Michael
D. Traina, Chief Executive Officer of ClearPoint, stated, “After careful
analysis, the Board of Directors concluded that the costs of public company
compliance, coupled with the lost productivity resulting from management’s
compliance activities, significantly outweigh the benefits to ClearPoint of the
quotation of its common stock on The OTC Bulletin Board.”
ClearPoint
expects that it will file on or about March 30, 2010 a Form 15 with the SEC,
which will result in the voluntary deregistration of ClearPoint’s common stock
and immediate suspension of ClearPoint’s obligation to file periodic reports
under the Securities Exchange Act of 1934, such as Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, except that
ClearPoint intends to file with the SEC its Annual Report on Form 10-K for the
fiscal year ended December 31, 2009. The deregistration itself is
expected to be made effective by the SEC within 90 days of the filing of the
Form 15. Following the deregistration, ClearPoint’s common stock is
expected to be quoted on the Pink Sheets, a centralized electronic quotation
service for over-the-counter securities, so long as market makers demonstrate an
interest in trading in ClearPoint’s stock. However, ClearPoint can give no
assurance that trading in its stock will continue on the Pink Sheets or on any
other securities exchange or quotation medium or that its common stock will be
actively traded. ClearPoint is committed to providing as much
transparency as is beneficial and warranted under those conditions.
About
ClearPoint
ClearPoint
offers services focused on assisting the temporary staffing
industry. ClearPoint, through its web-enabled technology offering,
provides a unique service for the temporary staffing and services
community. Through ClearPoint’s iLabor network, which can be easily
accessed through its web portal, ClearPoint works with the nation’s largest
staffing companies helping them maximize revenue by filling more orders and not
having to turn away open jobs. ClearPoint helps staffing companies
capably respond to more VMS orders and RFPs where they are limited in their
footprint.
Forward-Looking
Statements
This
press release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended (the “Securities Act”),
and Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). ClearPoint’s forward-looking statements include, but
are not limited to, statements regarding ClearPoint’s expectations, hopes,
beliefs, intentions or strategies regarding the future. In addition,
any statements that refer to projections, forecasts or other characterizations
of future events or circumstances, including any underlying assumptions, are
forward-looking statements. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,” “would” and similar
expressions may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking.
The
forward-looking statements contained in this press release are not guarantees of
future performance and are based on ClearPoint’s current assumptions, estimates,
forecasts, expectations and beliefs concerning ClearPoint’s business and their
potential effects on ClearPoint and speak only as of the date of such
statement. ClearPoint has no plans to update its forward-looking
statements to reflect events or circumstances after the date
hereof. There can be no assurance that future developments affecting
ClearPoint will be those that it has anticipated. These forward-looking
statements involve a number of risks and uncertainties (some of which are beyond
ClearPoint’s control) that may cause actual results or performance to be
materially different from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not limited to, the
following factors:
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ClearPoint’s
ability to continue as a going concern, obtain additional financing and
restructure existing debt
obligations;
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ClearPoint’s
ability to service and repay outstanding debt
obligations;
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limitations
that ClearPoint’s outstanding debt obligations impose on cash flow
available for operations;
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ClearPoint’s
ability to facilitate the market acceptance of the iLabor Network and
increase revenues; and
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the
effect of the current economic
downturn.
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The
foregoing risks are not exhaustive. The “Risk Factors” set forth in
ClearPoint’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
include additional risk factors which could impact ClearPoint’s business and
financial performance. Should one or more of these risks or
uncertainties materialize, or should any of ClearPoint’s assumptions prove
incorrect, actual results may vary in material respects from those projected in
these forward-looking statements. You should not place undue reliance
on forward-looking statements.