SOURCE: Caneum, Inc.

July 31, 2006 16:05 ET

Caneum, Inc. Continues the Addition of Key Customers Signing a One-Year Agreement for Outsourced Recruiting Services for Ostendo Technologies

Information Technology and Business Process Outsourcing Company Will Provide Outsourced Talent Placement as Part of Its Rapidly Expanding HR BPO Service Offering

NEWPORT BEACH, CA -- (MARKET WIRE) -- July 31, 2006 -- Caneum, Inc. (OTCBB: CANM), a global provider of business process and information technology outsourcing services, today announced that it has closed a one-year recruiting support agreement with Ostendo Technologies to source, identify and recruit key engineering talent. Ostendo is bringing to market several innovative products in the High Definition Flat Panel display market and has extremely complex engineering capability requirements.

"We needed a partner who truly understands the problems we are solving for the market," said Joaquin Fernandez-Silva, Chief Operating Officer of Ostendo Technologies. "Caneum has been instrumental in delivering the right kind of engineering talent to our team and has a compelling service offering for high growth companies such as ourselves. Their speed, focus and ability to identify and recruit highly specialized engineering talent have been extremely important to making our company a success."

"We are very excited to work with Ostendo Technologies and are happy to have been entrusted with placing several key technical positions for the development of their core product portfolio," commented Robert Morris, Senior Vice President of Caneum. "This agreement continues to validate the compelling nature of our HR BPO service offering and serves to reinforce the high value that we can deliver for growth companies of all sizes and market focus. We look forward to assisting Ostendo rolling forward and in deepening the relationship that we have developed to date."

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

About Ostendo Technologies, Inc.:

Ostendo Technologies, Inc. is a fabless developer of Light Emitting Diode (LED) based display products for the consumer and commercial display market. The Company provides a suite of Flat Panel Display products based on its proprietary LED based display technology. For more information, please visit the Company's web site at

"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

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    Caneum, Inc.
    Gary Allhusen
    (949) 273-4007
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    The Liquid Group
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    (714) 264-7975
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