Tungsten Corporation PLC Customer Contract Cancellation (0431R)
November 02 2021 - 2:10AM
UK Regulatory
TIDMTUNG
RNS Number : 0431R
Tungsten Corporation PLC
02 November 2021
2 November 2021
Tungsten Corporation plc
("Tungsten" or the "Company")
CUSTOMER CONTRACT CANCELLATION
Tungsten Corporation PLC (AIM:TUNG), a leading provider of
digital financial management products and software solutions, has
been informed by NTT Ltd. that it will terminate the contract as
announced in April 2021. Tungsten will continue to deliver the
Integrated Supplier services that were previously in place.
This decision was not due to performance but based on a change
in NTT's procurement strategy. The decision has no impact on FY22
revenues and no material impact on revenues for FY23. Tungsten
remains fully committed to support NTT with any future digital
transformation requirements.
Enquiries
Tungsten Corporation plc via Tavistock
Paul Cooper, Chief Executive Officer
Ian Kelly, Chief Finance Officer
Canaccord Genuity Limited (Broker and Nominated
Adviser)
Simon Bridges/Andrew Potts +44 20 7523 8000
Tavistock Communications Financial PR & IR
Heather Armstrong/Katie Hopkins +44 20 7920 3150
About Tungsten Corporation plc
Tungsten Corporation (AIM: TUNG) is the world's largest,
compliant business transaction network. A leading global electronic
invoicing and purchase order transactions network; Tungsten's
mission is centred on enabling a touchless invoice process allowing
businesses around the globe to gain maximum value from their
invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of
the Fortune 500. It enables suppliers to submit tax compliant
e-invoices in 54 countries, and last year processed transactions
worth over GBP220 billion for organisations such as Caesars
Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk
Industries, Mondelēz International, Procter & Gamble, Shaw
Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has
offices in the US, Bulgaria and Malaysia, employing over 227
people.
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
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END
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