Tungsten Corporation PLC US Litigation Settlement (3558V)
13 December 2021 - 6:00PM
UK Regulatory
TIDMTUNG
RNS Number : 3558V
Tungsten Corporation PLC
13 December 2021
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
13 December 2021
For Immediate Release
US Litigation Settlement
Tungsten Corporation PLC (AIM: TUNG), a leading provider of
digital financial management products and software solutions,
announces that it has agreed to pay the amount of USD $1,500,000
(GBP: GBP1,128,000) in full and final settlement of an employment
claim made against the Company in the United States that was
initiated in early 2020, together with associated legal fees of
$513,000 (GBP: GBP386,000). The Company denies the allegations made
in relation to this claim but believes that settlement of the claim
at this time is in the best interests of the Company and its
shareholders.
The payment of the settlement is due within the next 5 weeks,
and it will be funded out of Tungsten's existing cash resources.
The payment and associated legal fees will be treated as
exceptional items.
Whilst we are naturally disappointed with this outcome, we are
however pleased to report that the Company's closing net cash
position for October 2021 was GBP1.9 million. This is GBP1.1m
higher than management expectations due to strong cash collections
and cost savings, and an increase of GBP0.9 million compared to
October 2020. We continue to keep strong control over the cost base
and do not expect to increase our current draw down of GBP2m under
the facility.
Enquiries
Tungsten Corporation plc
Paul Cooper, Chief Executive Officer
Ian Kelly, Chief Finance Officer +44 20 7280 6980
Canaccord Genuity Limited (Broker and Nominated
Adviser)
Simon Bridges/Andrew Potts +44 20 7523 8000
Tavistock Communications Financial PR & IR
Heather Armstrong
Jos Simson
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 60% of the FTSE 100 and 68% 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.
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
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END
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