Tungsten Corporation PLC Customer Contract Cancellation (0431R)

TIDMTUNG

RNS Number : 0431R

Tungsten Corporation PLC

02 November 2021

2 November 2021

Tungsten Corporation plc

("Tungsten" or the "Company")

CUSTOMER CONTRACT CANCELLATION

Tungsten Corporation PLC (AIM:TUNG), a leading provider of digital financial management products and software solutions, has been informed by NTT Ltd. that it will terminate the contract as announced in April 2021. Tungsten will continue to deliver the Integrated Supplier services that were previously in place.

This decision was not due to performance but based on a change in NTT's procurement strategy. The decision has no impact on FY22 revenues and no material impact on revenues for FY23. Tungsten remains fully committed to support NTT with any future digital transformation requirements.

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                        [phone] 
 Tavistock Communications Financial PR & IR 
  Heather Armstrong/Katie Hopkins                   [phone] 
 

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.

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, this information is now considered to be in the public domain.

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November 02, 2021 03:10 ET (07:10 GMT)