Tungsten Corporation PLC Supply Chain Finance Partnership
16 September 2021 - 5:39PM
RNS Non-Regulatory
TIDMTUNG
Tungsten Corporation PLC
16 September 2021
16 September 2021
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Tungsten Corporation plc
("Tungsten" or the "Company")
CONTRACT WIN FOR tungsten's supply chain finance partnership
Tungsten Corporation plc (AIM: TUNG), a leading provider of
digital financial management products and software solutions, is
pleased to announce it has signed a contract to provide supply
chain financing for an existing customer and global leader in
consumer-packaged goods.
The implementation scope includes suppliers with current annual
invoices totalling GBP6.7 billion across the Tungsten Network.
Since the launch of Tungsten's Supply Chain Finance ("SCF")
partnership, it has financed in excess of GBP400 million of
invoices. Tungsten's buyer and supplier customers are part of the
world's largest compliant business network, transacting over GBP220
billion annually.
The SCF service uses Tungsten's automated and digitised invoice
status data to help suppliers secure payables-led financing,
offered at lower than typical market rates. This kind of financing
supports suppliers with increased cash flow while providing working
capital benefits to corporate buyers.
Paul Cooper, CEO of Tungsten Corporation , said, "The Covid-19
pandemic has presented significant challenges for the global supply
chain. Business continuity and resilience is more important than
ever before, and we are proud to facilitate financing to our
customers' e-invoicing-enabled supply chains."
Miriam Weidner, CMO of Tungsten Corporation , said, "We're
pleased to provide additional services through this expanded
engagement with one of our key customers. We're encouraged by the
momentum and customer interest and look forward to providing SCF to
more buyers and suppliers across the Tungsten Network in the
future."
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.
Forward looking statements
This document contains forward-looking statements that may or
may not prove accurate. For example, statements regarding expected
revenue growth and trading margins, market trends and our product
pipeline are forward-looking statements. Phrases such as "aim",
"plan", "intend", "anticipate", "well-placed", "believe",
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Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from what is expressed or implied by
the statements. Any forward-looking statement is based on
information available to Tungsten as of the date of this statement.
All written or oral forward-looking statements attributable to
Tungsten are qualified by this caution. Tungsten does not undertake
any obligation to update or revise any forward-looking statement to
reflect any change in circumstances or in Tungsten's
expectations.
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