Tungsten Corporation PLC Notice of results and trading update (8659S)
November 13 2013 - 1:01AM
UK Regulatory
TIDMTUNG
RNS Number : 8659S
Tungsten Corporation PLC
13 November 2013
TUNGSTEN CORPORATION plc
("Tungsten" or collectively the "Tungsten Group")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN
NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF
THE RELEVANT LAWS OF SUCH JURISDICTION
For Immediate Release
13 November 2013
Notice of results & trading update
We are pleased to announce that Tungsten Corporation plc will
announce its maiden set of interim results on 8 January 2014 in
respect of the six-month period to 31 October 2013.
Trading Update
Trading in the three weeks since the IPO and acquisition of
OB10, the global e-Invoicing network, has been in line with
management's expectations and the Board are pleased with the
progress made against the strategy set out at the time. In
particular, Tungsten Group has signed several important contracts
since the listing. These include:
Alliance Data
A current Tungsten Group e-Invoicing network client, Alliance
Data ("ADS"), has signed up to be the first Tungsten Group dynamic
invoice discounting client. Tungsten Group will provide its Express
Payments financing technology to enable ADS's supply chain finance
solution for its suppliers.
Caterpillar
Caterpillar has signed up to Tungsten Group's e-Invoicing
network to roll out services in major European countries.
Further progress in Mexico
Tungsten Group has rolled out its services for one of the
world's largest food manufacturers in Mexico, one of the first
countries in the world to mandate the use of e-Invoicing. Through
the use of electronic invoicing, Mexico intends to improve its tax
and corporate data collection, and streamline the supply chain to
the benefit of its economy.
In addition, Tungsten Group has signed its first reseller
agreement in Mexico with Buzón E, currently a partner for compliant
e-Invoicing in Mexico.
Top-10 US-based bank
We are delighted to report that a top-10 US-based bank has moved
rapidly to sign an agreement to integrate Tungsten Group's
e-Invoicing network services with the bank's Accounts Payable
platform for resale to its customers. Tungsten Group and the bank
will jointly take the combined product to market in North America.
The parties have agreed to commence immediately a good-faith
discussion to collaborate on Tungsten Group's Express Payments
service in North America.
Premier Farnell and DS Smith Packaging
Among other suppliers signed up this quarter for global or
European contracts, Premier Farnell and DS Smith Packaging are of
particular note. We are proud of all our client conversions and
existing customers but in the interests of brevity we will
highlight only those that stand out as meaningful indicators of the
progress of our strategy in our statutory announcements.
Other notable activity
Discussions continue with the PRA to advance the change of
control process whereby Tungsten Group can acquire the Bank, as set
out in the listing particulars.
Strengthened Resources
In anticipation of the growth prospects for Tungsten Group we
are mindful to put in place, in strength and depth, the right level
of infrastructure and resource. We are therefore delighted to have
strengthened our team with the addition of some real talent at a
senior level including Lincoln Jopp as Chief Operating Officer,
Tungsten Corporation; David Newberry as Chief Marketing Officer,
OB10 Ltd; and Jonathan Mackay as Chief Risk Officer designate for
the Bank.
Enquiries
Tungsten Corporation plc +44 7785 954 350
Edmund Truell, CEO
Jeff Belkin, CFO
Charles Stanley Securities (NOMAD and Joint Broker to Tungsten) +44 20 7149 6000
Marc Milmo / Dugald Carlean
Canaccord Genuity (Joint broker to Tungsten) +44 20 7523
8000
Simon Bridges / Peter Stewart/ Cameron Duncan
Equus Group (Communications) +44 20 7223 1100
Piers Hooper / Sam Barton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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