TIDMTUNG

RNS Number : 4601M

Tungsten Corporation PLC

13 October 2016

TUNGSTEN CORPORATION PLC

("Tungsten" or the "Company")

13 October 2016

For Immediate Release

Settlement of Tax

Tungsten notes the publication in the London Gazette on 10 October 2016 regarding an application for a winding-up order made against a subsidiary, Tungsten Network Limited. This relates to a dispute over tax due by the subsidiary to HMRC.

Based on correspondence with HMRC, Tungsten understood that the outstanding amount was required to be paid by 12 October 2016. The publication in the London Gazette was therefore made in error, which HMRC accept. In any case, the outstanding sum has been settled in full. Tungsten has received confirmation from HMRC that it is in receipt of the funds. The application will be withdrawn in due course.

Tungsten confirms that it remains on track to meet guidance for its current financial year, as reiterated at the Annual General Meeting on 16 September 2016.

Enquiries

 
 Tungsten Corporation plc 
  Richard Hurwitz, Chief Executive 
  Officer 
  David Williams, Chief Financial               +44 20 7280 
  Officer                                       7713 
 
 Panmure Gordon (Nominated 
  Advisor)                                    +44 20 7886 
  Adam James/Peter Steel                       2500 
 Canaccord Genuity Limited 
  (Broker) 
  Simon Bridges/Cameron Duncan/Emma           +44 20 7523 
  Gabriel                                      8000 
 Neustria Partners 
  Robert Bailhache/Nick Henderson/Charles     +44 20 3021 
  Gorman                                       2580

About Tungsten Corporation plc

Tungsten Corporation (LSE: TUNG) aims to be the world's most trusted business transaction network by using data intelligently to strengthen the global supply chain.

Tungsten Network is a secure e-invoicing and purchase order services platform that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow management. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers suppliers access to invoice financing through Tungsten Network Finance, a form of alternative finance for businesses.

Tungsten Network processes invoices for 70% of the FTSE 100 and 72% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 47 countries, and last year processed transactions worth over GBP133bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's and the US Federal Government.

Trusted, passionate and proven, Tungsten is making the digitisation of global commerce between buyers and suppliers faster, easier and smarter.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

October 13, 2016 04:37 ET (08:37 GMT)

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