ClearPoint Business Resources, Inc. (fka CPBRQ)

[INDY]

ClearPoint Announces Quotation on the OTC Bulletin Board Following Receipt of NASDAQ Delisting Letter

CHALFONT, Pa., Sept 10, 2008 /PRNewswire-FirstCall via COMTEX/ -- ClearPoint Business Resources, Inc. (Nasdaq: CPBR) (the "Company" or "ClearPoint"), a provider of innovative workforce management solutions, announced that on September 9, 2008, it received a letter from the Nasdaq Office of General Counsel indicating that the Company's shares of common stock will be suspended effective at the open of business on Thursday, September 11, 2008 and subsequently delisted. Currently, shares of the Company's common stock are listed on The Nasdaq Stock Market ("Nasdaq Market") and quoted on the OTC Bulletin Board ("OTC BB"). The OTC BB is a regulated electronic quotation system that allows market makers to enter quotations for a security and offers investors real-time access to quotes, last-sale prices and volume information in over-the-counter securities. Following the suspension of trading on September 11, 2008, shares of the Company's common stock will only be quoted on the OTC BB. The Company is in the process of finalizing quotation on the OTC BB of its publicly traded units and warrants. There can be no assurance that a market in the Company's shares of common stock (whether on the OTC BB or any other trading or quotation system) will develop or, if such a market develops, whether it will continue.
Michael Traina, the Company's Chairman and CEO, said, "The current financial environment has been very difficult for micro- and nano-cap companies like ClearPoint. Nevertheless, we believe that ClearPoint's fundamentals are strong and that our iLabor network is gaining traction in the marketplace. Until ClearPoint may be in a position to re-list its securities with The Nasdaq Stock Market, the OTC BB will provide our stockholders a proper forum for trading in our securities."

As previously announced, on May 22, 2008, the Company received a letter from the Nasdaq Market indicating that the Company was not in compliance with Nasdaq Marketplace Rule 4310(c)(3) which requires the Company to maintain either (i) $2,500,000 of stockholders' equity, (ii) $35,000,000 market value of listed securities or (iii) $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the last three most recently completed fiscal years. On June 13, 2008, the Company provided to Nasdaq a plan to achieve and sustain compliance with all the Nasdaq Market listing requirements, including the time frame for completion of the plan. On July 16, 2008, the Nasdaq staff notified the Company that it had reviewed the Company's plan and determined to delist the Company's securities from the Nasdaq Market. If the Company had not requested an appeal of this determination, trading of the Company's common stock, units and warrants would have been suspended at the opening of business on July 25, 2008. On July 23, 2008, the Company requested an appeal. The appeal stayed the suspension and delisting of the Company's securities from the Nasdaq Market. As stated above, on September 9, 2008, the Company received a letter denying its appeal and stating that the trading in the Company's securities will be suspended effective at the open of business on Thursday, September 11, 2008 and subsequently delisted.