TUNG Tungsten Corporation Plc

TIDMTUNG

RNS Number : 8023S

Tungsten Corporation PLC

29 September 2014

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 29 September 2014

Market update

Siemens selects Tungsten Corporation plc for electronic invoicing

London, 29 September - Tungsten Corporation plc (LSE:TUNG), the global electronic trading network, has been selected by Siemens, the global electrical engineering and electronics giant, to bring e-Invoicing to its business and suppliers around the world.

Siemens receives and processes over 7m invoices annually from its global supplier base. In the last financial year, Tungsten Network processed 13.4m transactions.

"We are delighted that Siemens, one of the largest companies in the world, has entrusted Tungsten Network and our e-Invoicing services to automate its invoice-to-pay process," says Edmund Truell, Group CEO, Tungsten Corporation plc. "By bringing automation to Siemens' Global Shared Services, we will help the company achieve straight-through processing, significant cost savings and a stronger supply chain, while also increasing our supplier penetration in their sectors."

Enquiries:

Tungsten Corporation plc

Edmund Truell, Chief Executive Officer +44 20 3435 5680

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, built on OB10 e-Invoicing, 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 55% of the Fortune 500 and 66% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 46 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 US Federal Government.

Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network.

Contact: Sandra Higgison, Head of Global Communications, +44 20 7280 7973, sandra.higgison@tungsten-network.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

STRDMGZLZRNGDZZ

Tungsten (LSE:TUNG)
Historical Stock Chart
From Jun 2024 to Jul 2024

Tungsten (LSE:TUNG)
Historical Stock Chart
From Jul 2023 to Jul 2024