SOURCE: Caneum, Inc.

December 27, 2006 07:30 ET

Consortium Including Caneum, Inc. Receives 10 Year, $5 Billion Government-Wide Acquisition Contract

US General Services Administration Notifies Prime Vendors of Historic Contract Award With a "Notice to Proceed" Expected by Early February

NEWPORT BEACH, CA -- (MARKET WIRE) -- December 27, 2006 --Caneum, Inc. (OTCBB: CANM), a global provider of business process and information technology outsourcing services, today announced that its bid team has received a formal award notice and signed contract from the US government on a 10 year, $5 billion Veterans Technology Services (VETS) Government-Wide Acquisition Contract (GWAC).

The US General Services Administration (GSA) notice signifies the expiration of the mandatory public protest period and the new contract is accompanied by a projected "Notice to Proceed" date of late January or early February. GSA is currently completing their debriefings to all prime vendors and is closing out the remaining administrative preparations necessary to begin work within this newly formed and Congressional approved appropriations contract vehicle.

"We are extremely excited to be part of the winning bid team for this historic new US government funding vehicle," said Rob Morris, SVP of Caneum. "With the expiration of the public protest period, we now expect a first quarter start date for the 10 year period in which we can deliver services throughout the US government and its agencies. While we cannot immediately quantify the financial impact to the Company for calendar year 2007, we expect that this public sector consortia award will easily represent the largest subcontract win in our Company's history."

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 http://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

  • Contact:

    Caneum, Inc.
    Gary Allhusen
    EVP, COO & Principal Financial Officer
    (949) 273-4007
    Email Contact

    or

    TMS Capital, LLC
    Thomas Sauve
    (Investors / Media)
    (646) 245-2465
    Email Contact