SOURCE: Caneum, Inc.

February 20, 2008 09:35 ET

Caneum, Inc. Wins $225K+ Lawsuit Against Innofone, Inc.

Orange County Superior Court Rules Favorably for Caneum in the Amount of $198,203 in Damages and $27,122 in Prejudgment Interest; California Court Also Dismisses Innofone Cross-Complaint in Its Entirety With No Possibility of Appeal

NEWPORT BEACH, CA--(Marketwire - February 20, 2008) - Caneum, Inc. (PINKSHEETS: CANM), a global provider of business process and information technology outsourcing services, has won a legal judgment against Innofone, Inc. The action was originally brought by the Company to recover payment of long overdue invoices for work performed and services delivered during calendar year 2006.

The case was heard for trial on February 11th at the Orange County Superior Court in Southern California. Superior Court Judge Munoz ruled in favor of all Caneum claims against Innofone and also dismissed the Innofone cross-complaint in its entirety with no possibility for appeal. Innofone was ordered to pay the Company a total amount of $198,203 in damages and an additional $27,122 in prejudgment interest.

Suki Mudan, President of Caneum, said, "We are extremely happy with the judgment and the closure of this previously outstanding legal action against Innofone. As a general rule we do not enter in to any type of litigation lightly. However, when appropriate, and as in this specific case where we were fully confident in the validity and enforceability of our case, we do not hesitate to protect our shareholders' interests by vigorously pursuing those companies and third parties that might seek to defraud us."

The Company intends to use all legal means available to collect on the outstanding judgment against Innofone in a timely and efficient manner. For future reference and use, a final copy of the Court's order and judgment will be included as an exhibit to the Company's 2007 Form 10-KSB filing, which is expected to be filed on time with the Securities and Exchange Commission in the next 30-45 days.

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