SOURCE: Caneum, Inc.

August 30, 2007 09:35 ET

Caneum, Inc. Provides Update on Monthly Revenue Figures

Company Continues to Exceed $1 Million per Month in Unaudited Revenues Since First Announcing the Milestone in May 2007

NEWPORT BEACH, CA--(Marketwire - August 30, 2007) - Caneum, Inc. (PINKSHEETS: CANM), a global provider of business process and information technology outsourcing services, announced today that the company has continued to book unaudited monthly revenues in excess of $1 million, translating into over $12 million in annualized run-rate for its unaudited revenues.

Since first marking this achievement in May, Caneum has consistently maintained monthly unaudited revenues of over $1 million for the months of June, July and August, respectively, and continues to demonstrate the expansion of its business and the Company's expanding value in the global business process and information technology outsourcing marketplace. While today's announcement is not intended to imply or predict specific future operating results, and the results provided are currently unaudited, this accomplishment is viewed by management as a landmark milestone for the Company and reinforces the value being created for shareholders by management.

Gary Allhusen, COO and Principal Financial Officer of Caneum, Inc., commented, "While we are not providing any specific forecasts as part of this announcement, we believe that the past several months of unaudited revenues in excess of $1 million clearly demonstrate both the hard work and success that our team has achieved, and our continued commitment to aggressively expand both the breadth and scope of the Company's global operations."

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 information technology and business process outsourcing services with in-house, on-shore, near-shore and off-shore capabilities 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