Caneum Inc. Information Technology Assurance Group Announces Exclusive Agreement with 'The Alliance for SOX 404 Compliance' and Launches New IT Assurance Web Site.

NEWPORT BEACH, Calif. -- Caneum Inc. (OTCBB:CANM) announced today that it has signed an exclusive 2-year agreement with The Alliance for SOX 404 Compliance (www.sox404.biz) to provide IT assurance-related products and services to its member accounting firms. The Alliance for SOX 404 Compliance, co-founded by The Bonadio Group (www.bonadio.com) of Rochester, N.Y., is a nationwide network of leading, independently owned and operated CPA firms specializing in corporate governance, compliance and risk management solutions for small- to mid-cap public companies. The Alliance serves as a mechanism to leverage the skills, experience and expertise of member firms and their staff on behalf of public companies seeking SOX 404 compliance services. Additionally, the Alliance:

--Provides an educational framework and facilitates communications relative to overall SOX initiatives and issues affecting SOX compliance

--Serves as a project management facilitator in terms of securing vertical industry experience and expertise from its members to enhance a project team's technical capabilities

--Provides an international and national presence in the SOX 404 business that will assist in serving multi-location companies

--Assists its members in securing staff resources to fulfill engagement commitments

--Trains members on process and documentation software solutions

The Alliance will offer, market and promote to its members and their prospects both Caneum's software product for IT assurance (CompliancePoint), as well as Caneum as a provider of IT assurance services and resources.

"I am very pleased to announce this agreement with The Alliance," commented Gary Allhusen, Caneum's executive vice president, "and more importantly, I am extremely pleased to highlight that the relationship is continuing to drive early results for the IT Assurance Group. We have just inked another deal with an Alliance member to provide IT assurance services as part of a SOX 404 compliance engagement. The agreement further cements our important role in providing scarce IT assurance capabilities and resources to member firms. We are also gaining traction on the product side with the rollout of our CompliancePoint tool as the underlying software platform for these engagements as they get underway. CompliancePoint is our online tool that enables customers to handle a full range of tasks related to their SOX 404 IT assurance program. Some of the major benefits provided by CompliancePoint include:

--Full incorporation of COBIT requirements and standards

--Robust document management capabilities

--Automated workflow

--Comprehensive scheduling functionality

--Status reporting

CompliancePoint is a hosted solution - there is no hardware or software to purchase or manage."

"With this announcement, Caneum is also launching a new Web site for its IT Assurance Group (www.Caneum-ITAssurance.com)," added Mahesh Shah, Pipeline's director of Caneum's IT Assurance Group. "Caneum believes in the importance of including IT as an integral partner in the design, implementation and sustainability of SOX-mandated internal controls over financial reporting. This Web site provides access to the suite of products and services designed by Caneum to address these specific IT departmental needs. We expect that our Web site will be an extremely effective tool for connecting with customers and prospects by allowing us to consistently distribute the latest information, news and events related to our SOX Compliance suite of products and services."

About Caneum Inc.

Caneum Inc. is a global provider of business process and information technology outsourcing 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 in-house, on-shore, near-shore 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. Caneum Inc. has executed a definitive agreement to acquire Pipeline Software Inc., a leading technology services organization that provides high-value business solutions to customers in the technology sector. Founded in 1997, Pipeline's services include outsourced information technology infrastructure management, e-business application development and integration services.

"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 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 customers, the loss of which would have a material detrimental effect on the business and revenues generated by Pipeline, failure to close the Pipeline acquisition, 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.