SOURCE: Caneum, Inc.

July 16, 2007 09:35 ET

Caneum, Inc. Renews and Expands Services Agreement With Los Angeles Unified School District

Company Will Provide for Certain Technology Solutions to the Second Largest School District in the United States

NEWPORT BEACH, CA--(Marketwire - July 16, 2007) - Caneum, Inc. (PINKSHEETS: CANM), a global provider of business process and information technology outsourcing services, announced that the Company has renewed and expanded its multi-year services agreement with the Los Angeles Unified School District (LAUSD), the nation's second largest school district, to provide various technology outsourcing solutions and database management services.

"We are extremely excited about this major win for us," commented Rob Morris, Senior Vice President at Caneum. "It is a testament to Caneum's versatility and commitment to customer value. We look forward to expanding our suite of services within the district and continuing to deliver value to the district's complex IT portfolio in the years to come."

LAUSD, with approximately 700,000 students and 78,000 employees, has an annual budget of over $11 billion. Caneum's multi-year agreement with LAUSD provides the entire school district with, among other services, certain software project/program management, database and application server administration, and software application development and programming. With this agreement, LAUSD becomes a significant client for Caneum and a major source of revenue for the Company.

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