Caneum Inc. Announces Termination of Pipeline Transaction.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif. -- Caneum Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CANM CANM Canadian Association of Nuclear Medicine CANM Computer-Aided Network Management CANM California Association for Naturopathic Medicine ) announced today that by mutual consent, Pipeline Software Inc. and Caneum Inc. have agreed to terminate the proposed merger agreement between the parties. In addition, the employment agreements with Charlie Sundling and Raju Patel were likewise terminated by mutual agreement. "It was determined to be in the best interests of both companies to move forward separately," said Alan Knitowski, Caneum's chairman. "We look forward to continuing to work with Pipeline Software on many fronts including cross-selling our Business Process Outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in services and marketing the Caneum Information Technology Assurance services program." About Caneum Inc. Caneum Inc. is a global provider of business process and information technology outsourcing Information Technology Outsoucing or ITO is a company's outsourcing of computer or Internet related work, such as programming, to other companies. It is used in refence to Business Process Outsourcing or BPO, which is the outsourcing of the work that does not require so much products and 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 on-shore, in-region (NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's ) and off-shore depending on the business goals and objectives of its global customers. In parallel, Caneum 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. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Securities & Exchange Commission, such as the rapidly changing nature of technology, evolving industry standards and frequent introductions of new products and enhancements by competitors; the competitive nature of the markets for Caneum's services, concentration of revenue from a small number of clients, the loss of which would have a material detrimental effect on Caneum's business and revenues; Caneum's ability to gain market acceptance for its services and products; the company's ability to attract and retain skilled personnel; and the company's reliance on third-party suppliers. |
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