3 Dec 2014 07:00
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 3 December 2014
Market Update
Tungsten announces Tungsten Early Payment is live in UK and US
London, 3 December 2014 -- Tungsten Corporation Plc (LSE: TUNG) today announced it is now extending its invoice financing service into the US. Tungsten Early Payment, which enables suppliers to control when they receive invoice payments, will now be available to certain US-based companies that use Tungsten Network to invoice their customers.
Edmund Truell, Group CEO of Tungsten, said: "The vision the management team and Board had when we set up Tungsten, just over a year ago, has come to fruition. We are successfully financing invoices for UK-based suppliers on our platform, and are now beginning to do the same for selected eligible suppliers in the US. As new supplier companies are invited to join Tungsten Network by their customers, they will be invited to sign up for Tungsten Early Payment at the same time."
Tungsten Early Payment enables suppliers to be paid for invoices when they need it. Suppliers select the invoice and payment date and Tungsten pays the invoice amount minus a discount charge. This integrated invoice finance offering has been designed with Tungsten Network suppliers in mind and provides a low cost and easy-to-access alternative to traditional forms of bank finance.
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 plcTungsten 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.
Tungsten Early Payment is subject to eligibility and standard terms and conditions. Tungsten Network Finance Limited reserves the right to make a final determination as to whether or not you are eligible for Tungsten Early Payment. Tungsten Network Finance Limited will carry out money laundering checks on your company in accordance with UK law requirements. Tungsten Early Payment may not be available in certain jurisdictions.
Contact: Juliana Wheeler, Head of Global Communications, +44 20 7280 7973.
juliana.wheeler@tungsten-network.com