SOURCE: Caneum, Inc.

March 19, 2007 09:35 ET

Caneum, Inc. Announces Significant New Customer Contract Wins in the United States, the United Kingdom, Sweden and India

Company Adds $2.6 Million in New Customer Wins and Existing Customer Expansions in the Last 60 Days, Including Greater Bay Bancorp and Eagle Teleconferencing Services

NEWPORT BEACH, CA -- (MARKET WIRE) -- March 19, 2007 --Caneum, Inc. (OTCBB: CANM), a global provider of business process and information technology outsourcing services, today announced that it has closed $2.6 million of new contract wins and existing customer expansions in the first quarter of 2007, significantly outpacing last quarter's new contract wins and existing customer expansions of $1.9 million.

This new business includes new customer additions with BPMP, Inc., Eagle Teleconferencing Services, Inc., Emerges, Greater Bay Bancorp, Heligon (UK), KidsGive, Microvention, Modis IT, Musicbrigade AB (Sweden), Newberry Consulting, NIIT Smartserve (India), Sitelab, U-Nav Microelectronics, Vootage and Xebec (India) and existing contract expansions with DIRECTV, Panasonic Avionics, Keane, McGraw Hill, and LAUSD.

Gary Allhusen, COO of Caneum, commented, "The first quarter of the year has been very active for us and ahead of growth expectations communicated last quarter. Based on the contracts executed in the last 60 days, we have demonstrated not only the growth potential of Caneum's business model domestically, but also our ability to leverage the acquisition of Continuum Systems Pvt. Ltd. to grow our operations and customer base globally. Highlighted wins during this period have included customers in the United States, the United Kingdom, Sweden and India alike. Needless to say, we are very excited by the successful diversification of our business operations internationally."

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 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
    EVP, COO & Principal Financial Officer
    (949) 273-4000
    Email Contact

    or

    TMS Capital, LLC
    Thomas Sauve
    (Investors / Media)
    (646) 245-2465
    Email Contact