SOURCE: Caneum, Inc.

July 10, 2007 09:35 ET

Caneum, Inc. Hires Michael Woods as Vice President of Application Services

Appointment Adds to Caneum's Ability to Accelerate Growth of Its Global Application Development and Management Capabilities

NEWPORT BEACH, CA--(Marketwire - July 10, 2007) - Caneum, Inc. (PINKSHEETS: CANM), a global provider of business process and information technology outsourcing services, announced that the Company has hired Mr. Michael Woods as Vice President of Application Services, effective July 2, 2007. Within this role, Mr. Woods will manage business development and global application delivery, thereby helping Caneum expand its innovative suite of outsourcing services for its customers, both domestically and internationally.

Suki Mudan, President of Caneum, commented, "Having Mike join our management team is a tremendous win for us. Since our acquisition of Continuum Systems Pvt. Ltd. late last year, we have been building out our international outsourcing capabilities and offerings. As part of this specific appointment, we expect Mike to help us accelerate this growth and provide seamless integration between our off-shore operations and our US-based projects. We look forward to the contributions Mike will make to our organization and are pleased to have him as a core part of our management team."

Mr. Woods brings proven experience to Caneum in executive leadership, strategic planning, and complex project delivery. "I've been fortunate to have had the opportunity to lead a series of challenging projects for clients. In one project, we migrated over 1 billion database records from surrounding systems into a new custom developed CRM application in a little over 57 hours of continuous processing. The prep work that goes into an event like that is intense as you only get one shot to do it right," Mr. Woods said while discussing his past experiences. "On another project, we had teams operating on three continents -- Asia, North America, and Europe -- to develop and implement a global content management system. Learning how to build relationships and motivate teams across cultural boundaries was a key component of our success."

Prior to joining Caneum, he was President at Woods Consulting, where he worked as a strategic consultant for a wide range of clients, such as Nissan North America, Farmers Insurance, and Cap Gemini Ernst & Young. At Woods Consulting, he helped chief officers and business leaders to define and communicate their goals, establish strategic portfolios, and successfully implement large scale projects. Before founding Woods Consulting, Mr. Woods helped to pioneer digital asset management in the entertainment industry with the Bulldog Group. As a central part of Bulldog's professional services group, Mr. Woods led some of the company's most critical engagements at Sony Pictures Entertainment and Lucent Technologies. Previous to the Bulldog Group, he was a Manager with Ernst & Young LLP's Management Consulting Group, assisting companies such as McDonnell Douglas Corporation and Nationwide Direct Insurance.

"I'm excited to join Caneum in this capacity and at this point in the company's growth curve," commented Michael Woods on his new role. "The Company has a tremendous asset in the combination of its US-based sales and management team and its off-shore delivery capabilities. I believe I can immediately help drive the Company's growth in application services and am looking forward to helping position the Company's brand as the core outsourcing provider of choice to small and mid-market companies."

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