Caneum, Inc. Records First Ever $1 Million Month in Revenues
Tuesday June 19, 9:35 am ET
Company Announces First Time in Corporate History in Which Total Unaudited Monthly Revenues Exceeded $1 Million in Worldwide Outsourcing Business, or an Annualized Revenue Run Rate in Excess of $12 Million
NEWPORT BEACH, CA--(MARKET WIRE)--Jun 19, 2007 -- Caneum, Inc. (OTC BB:CANME.OB - News), a global provider of business process and information technology outsourcing services, today announced that unaudited gross revenues for the month of May exceeded $1 million, a significant milestone for the Company.
In recent months, the Company has aggressively expanded both the breadth and scope of its global operations and is beginning to enjoy some of the economies of scale that this expansion has provided. Not only is the new depth of outsourcing service offerings providing a more efficient infrastructure to continue scaling on a going forward basis, but the continued diversification of vertical markets, solution focus areas and customer concentrations are providing a critical mass and momentum that is expected to further accelerate the Company's core business.
Outsourcing is increasingly becoming synonymous with global operations, international scale and comprehensive solutions for demanding worldwide customers. Across the globe, the Company is now operating Caneum, Inc. in the United States, Caneum Asia Pacific Pte. Ltd. in Singapore and Caneum India Pvt. Ltd. in India. While today's announcement is not intended to imply or predict specific future operating results, and the results provided are currently unaudited for May, this accomplishment is viewed by management as a landmark milestone for the Company and implies an annualized revenue run rate now exceeding $12 million.
Gary Allhusen, COO and Principal Financial Officer of Caneum, Inc., commented, "The month of May represented the first month in our Company's history in which total outsourcing revenues surpassed $1 million. Having started the Company in April 2003 with just 3 full time employees, we have truly come a long way over the past several years in creating a quality global outsourcing firm with a strong base of high value global customers, including DIRECTV, Countrywide Financial Corporation, Panasonic, McGraw-Hill and the Los Angeles Unified School District, amongst many others. While we are not providing any specific forecasts as part of this announcement, we believe that May's unaudited numbers clearly demonstrate both the hard work and success that our team has achieved operationally in building a robust international outsourcing provider that continues to grow and deliver strong value for our customers."
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.
EVP, COO & Principal Financial Officer
TMS Capital, LLC
Thomas Sauve (Investors / Media)