SOURCE: Caneum, Inc.

August 03, 2006 07:30 ET

Caneum, Inc. Wins New Customer Contracts Including Long Beach Health & Human Services and Cigital

Information Technology and Business Process Outsourcing Company Adds $1.3M in New Customer Wins and Existing Customer Expansions in the Last 60 Days

NEWPORT BEACH, CA -- (MARKET WIRE) -- August 3, 2006 -- Caneum, Inc. (OTCBB: CANM), a global provider of business process and information technology outsourcing services, today announced that it has closed $1.3M of new business in the last 60 days. This new business includes new customer additions with Long Beach Health & Human Services and Cigital and existing customer contract expansions with DirecTV, Panasonic, Countrywide Financial Corporation, McGraw Hill, Vitech Systems, Isensix, Ostendo Technologies, Tatum Partners, Mercury Insurance and Zetera.

"We are extremely excited to see the complete validation of our business model, both internally and from our customers," said Alan Knitowski, Chairman of Caneum. "Not only have we vastly expanded and diversified both our organic revenue base and customer roster, but we have also proven that we can successfully execute acquisitions, integrate them in a timely manner and immediately accelerate our business without impacting our daily business operations. In the next few weeks we will release our 2nd QTR 2006 10-QSB and it will show our 13th consecutive quarter of record sales and the continued acceleration of our revenue and customer base. Additionally, and while only partially through the 3rd QTR 2006, we already know that our next 10-QSB announcement in November will show our 14th consecutive quarter of record sales and continued growth in all areas of our business."

Gary Allhusen, COO of Caneum, further commented, "It is very satisfying to see the fruits of our internal efforts begin paying huge dividends for the operational and financial performance of our business. We have worked long and hard over the past several years to build a substantive and viable enterprise for the long term and we are very grateful to have reached an important inflection point in our corporate history. Now that we have crossed through this inflection point we will begin expanding our outreach to both existing and prospective investors alike such that we can share our strong growth and value attributes with a wider and more diverse retail and institutional investor audience. By focusing on operations first and the public markets second, we have taken a slower and more deliberate path to our current state. However, it is now time to broaden our public market reach, share our strong message and expand our mid and long term value for shareholders of all sizes."

About Caneum, Inc.:

Caneum, Inc. is a global provider of business process and information technology outsourcing services across vertical industries, including technology, energy, government, transportation, financial services, education and healthcare. The Company provides a suite of business strategy and planning capabilities to assist companies with their "make versus buy" decisions in the areas of data, network, product development, product maintenance and customer support, and fulfills its services in-house, on-shore, near-shore and off-shore, depending on the business goals and objectives of its global customers. In parallel, the Company is opportunistically pursuing accretive acquisitions within its core outsourcing product and service suite in order to broaden its core capabilities, expand its customer base and supplement its organic growth. For more information, please visit the Company's web site at http://www.caneum.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the statements set forth above include forward-looking statements that involve risk and uncertainties. The Company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include, but are not limited to, the risk factors noted in the Company's filings with the United States Securities and Exchange Commission, such as the rapidly changing nature of technology, evolving industry standards and frequent introductions of new products, services and enhancements by competitors; the competitive nature of the markets for the Company's products and services; the Company's ability to gain market acceptance for its products and services; the Company's ability to fund its operational growth; the Company's ability to attract and retain skilled personnel; the Company's ability to diversify its revenue streams and customer concentrations; and the Company's reliance on third-party suppliers.

Contact Information

  • Contacts:

    Caneum, Inc.
    Gary Allhusen
    (949) 273-4007
    Email Contact

    or

    The Liquid Group
    Jason Daggett (Investors / Media)
    (714) 264-7975
    Email Contact