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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