Caneum, Inc. (OTC BB: CANM), a globalprovider of business process and information technology outsourcingproducts and services across vertical industries including technology,energy, government, transportation, financial services, education andhealthcare, today announced that a research update released March 14, 2006,by Taglich Brothers predates recent corporate events including a $9Mfinancing with Barron Partners, LP, and the acquisition of Tier OneConsulting, Inc., which were completed and announced previously on March28th and March 29th, respectively. The updated research report, whichmaintained a stock rating of "Speculative Buy," established a 12-monthprice target for the Company of $1.40 per share, which was upwardly revisedfrom the previous price target of $1.10 per share. The research reportshould be reviewed in its entirety athttp://www.taglichbrothers.com/equityuniverse/companies/caneum/caneum.asp.
Taglich Brothers, Inc. is full-service broker dealer focused exclusively onmicrocap companies. The Company defines the microcap segment of the equitymarket as companies with less than $250 million in market capitalization.Taglich Brothers currently offers institutional and retail brokerageservices, investment banking and comprehensive research coverage to theinvestment community. The information and statistical data containedherein have been obtained from sources, which we believe to be reliable butin no way are warranted by us as to accuracy or completeness. We do notundertake to advise you as to changes in figures or our views. This is nota solicitation of any order to buy or sell. Taglich Brothers, Inc. isfully disclosed with its clearing firm, Pershing, LLC, is not a marketmaker and does not sell or buy from customers on a principal basis. Theabove statement is the opinion of Taglich Brothers, Inc. and is not aguarantee that the target price for the stock will be met or predictedbusiness results for the company will occur. There may be instances whenfundamental, technical and quantitative opinions contained in this reportare not in concert. We, our affiliates, any officer, director orstockholder or any member of their families may from time to time purchaseor sell any of the above-mentioned or related securities. Analysts andmembers of the Research Department are prohibited from buying or sellingsecurities issued by the companies that Taglich Brothers, Inc. has aresearch relationship with, except if ownership of such securities wasprior to the start of such relationship, then an Analyst or member of theResearch Department may sell such securities after obtaining expressedwritten permission from the Director of Research. As of the date of thisreport, we, our affiliates, any officer, director or stockholder, or anymember of their families have no position in the stock of the companymentioned in this report. All research issued by Taglich Brothers, Inc. isbased on public information. Taglich Brothers, Inc. does not currentlyhave an Investment Banking relationship with the company mentioned in thisreport and was not a manager or co-manager of any offering for the companywith in the last three years. The company paid for the creation anddissemination of research reports for the first year a monetary fee of$19,800 (USD) on August 2005, and after the first year of publication willpay a monthly monetary fee of $1,650 (USD) to Taglich Brothers, Inc. forthe creation and dissemination of research reports.
The Company also released a corrected corporate profile, updating incorrectinformation posted by Yahoo! Finance at the linkhttp://finance.yahoo.com/q/pr?s=CANM.OB. This information was posted byYahoo! Finance independent of the Company and has not been updated orcorrected by the site despite more than a year of requests by the Companyand its affiliates. The correct version of the Company's profile is:
Caneum, Inc.170 Newport Center DriveSuite #220Newport Beach, CA 92660(949) 273-4000www.caneum.com
Details: Index Membership: NoneSector: TechnologyIndustry: Business Software & ServicesEmployees: 9
Business Summary: Caneum, Inc. is a global provider of business processand information technology outsourcing products and services acrossvertical industries including technology, energy, government,transportation, financial services, education and healthcare. The Companyprovides a suite of business strategy and planning capabilities to assistcompanies with their "make versus buy" decisions in the areas of data,network, product development, product maintenance and customer support, andfulfills its services in-house, on-shore, near-shore and off-shoredepending on the business goals and objectives of its global customers. Inparallel, the Company is opportunistically pursuing accretive acquisitionswithin its core outsourcing product and service suite in order to broadenits core capabilities, expand its customer base and supplement its organicgrowth.
Key Executives:
-- Alan Knitowski, Chairman, Pay = $189,069 (Base = $120,000, Bonus = $54,000 & Other = $15,069); Exercised = $151,250-- Suki Mudan, President, Pay = $177,069 (Base = $120,000, Bonus = $42,000 & Other = $15,069); Exercised = $25,000-- Gary Allhusen, Executive Vice President, Pay = $177,669 (Base = $120,000, Bonus = $42,600 & Other = $15,069); Exercised = $0-- Andrew Miller, VP, Infrastructure Services, Pay = $94,755 (Base = $87,692, Bonus = $0 & Other = $7,063); Exercised = $0 All insider transactions relative to changes in common stock, stock optionor warrant ownership are accurately reflected athttp://finance.yahoo.com/q/it?s=CANM.OB. Additionally, and pursuant toCaneum's acquisition of TierOne Consulting, Inc., on March 28th, Caneumadded two new key executives that will begin appearing in all filings withthe SEC beginning with the Company's 10-QSB filing for the 1 QTR 2006 inmid May. These two key executives include:
-- Michael Willner, Senior Vice President-- Robert Morris, Senior Vice President Details of their employment agreements with the Company, including theirdesignation as Officers of the Company and joint Managing Partners ofTierOne, Inc., a wholly owned subsidiary of the Company, were disclosed inthe 8-K filed with the SEC on March 30th and can be found athttp://biz.yahoo.com/e/060330/canm.ob8-k.html (or in full on the SEC'sEDGAR database).
About Caneum, Inc.:
Caneum, Inc. is a global provider of business process and informationtechnology outsourcing products and services across vertical industriesincluding technology, energy, government, transportation, financialservices, education and healthcare. The Company provides a suite ofbusiness strategy and planning capabilities to assist companies with their"make versus buy" decisions in the areas of data, network, productdevelopment, product maintenance and customer support, and fulfills itsservices in-house, on-shore, near-shore and off-shore depending on thebusiness goals and objectives of its global customers. In parallel, theCompany is opportunistically pursuing accretive acquisitions within itscore outsourcing product and service suite in order to broaden its corecapabilities, expand its customer base and supplement its organic growth.For more information, please visit the Company's web site athttp://www.caneum.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Actof 1995: With the exception of historical information, the statements setforth above include forward-looking statements that involve risk anduncertainties. The Company wishes to caution readers that a number ofimportant factors could cause actual results to differ materially fromthose in the forward-looking statements. Those factors include, but arenot limited to, the risk factors noted in the Company's filings with theUnited States Securities and Exchange Commission, such as the rapidlychanging nature of technology, evolving industry standards and frequentintroductions of new products, services and enhancements by competitors;the competitive nature of the markets for the Company's products andservices; the Company's ability to gain market acceptance for its productsand services; the Company's ability to fund its operations; the Company'sability to attract and retain skilled personnel; the Company's reliance onand usage of third-party suppliers, amongst others.
Contact:
Caneum, Inc.Gary Allhusen949-273-4007Email Contact
The Liquid Group, Inc.Jason Daggett(Investors / Media)714-264-7975Email Contact
SOURCE: Caneum, Inc.