Tungsten Corporation PLC Market Update (7654F)
February 24 2015 - 10:44AM
UK Regulatory
TIDMTUNG
RNS Number : 7654F
Tungsten Corporation PLC
24 February 2015
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
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 24 February
Market update
In light of the recent share price movement in the Company's
shares, Tungsten, a leading provider of automated invoice
processing, supply chain finance and spend analysis, is providing
an update on the performance of the business.
As set out in the interim results announced on 13 January 2015,
two key drivers for the Company's growth are the continued uptake
by suppliers of Tungsten Early Payment and by buyers of Tungsten
Analytics. Together with the resources available to Tungsten Bank,
the agreement with Insight Investment Management means Tungsten has
in place the capability to satisfy the required funding at this
stage for its invoice finance proposition.
With regard to Tungsten Analytics, this offering is now fully
developed and in addition to having a US-based multinational
contracted to the service, we have a number of pilot programmes
with companies and public sector organisations.
In light of the above, and as previously announced, the Board
continues to be confident in the long-term growth prospects of the
Company.
Enquiries:
Tungsten Corporation plc.
Edmund Truell, Chief Executive Officer +44 20 3435 5680
Juliana Wheeler, Head of Global Communications +44 20 7280 7973
Charles Stanley Securities
(Nominated Adviser and Joint Broker)
Marc Milmo/Dugald Carlean +44 20 7149 6000
Canaccord Genuity Limited
(Joint Broker)
Simon Bridges/Peter Stewart/Cameron Duncan +44 20 7523 8000
Equus Group (Communications)
Piers Hooper / Sam Barton +44 20 7223 1100
About Tungsten Corporation plc.
Tungsten Corporation (LSE: TUNG) accelerates global trade by
enabling customers to streamline invoice processing, improve
cash-flow management and make better buying decisions from their
detailed spend data.
Buyer organisations that join Tungsten Network, the world's
largest compliant electronic invoice network, can reduce their
invoice-processing costs by 60%. Suppliers benefit from
efficiencies, greater visibility of their invoice status and peace
of mind. Tungsten offers supply chain financing through Tungsten
Bank; and helps buying organisations profit by applying real-time
spend analytics to its vast repository of line-level invoice
data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100
by connecting the world's largest companies and government agencies
to their thousands of suppliers around the globe. It enables
suppliers to submit tax compliant e-Invoices in 47 countries, and
last year processed transactions worth over $187bn for
organisations such as Alliance Data, Aviva, Cargill, Deutsche
Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's,
and the US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create
the world's largest electronic trading network; and acquired
DocuSphere in September 2014, a provider of accounts payable
automation solutions
Contact: James Culverhouse, Equus, +44 020 7223 1100,
james.culverhouse@equusgroup.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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