Tungsten Corporation PLC Notice of results and trading update (8659S)

TIDMTUNG

RNS Number : 8659S

Tungsten Corporation PLC

13 November 2013

TUNGSTEN CORPORATION plc

("Tungsten" or collectively the "Tungsten Group")

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

13 November 2013

Notice of results & trading update

We are pleased to announce that Tungsten Corporation plc will announce its maiden set of interim results on 8 January 2014 in respect of the six-month period to 31 October 2013.

Trading Update

Trading in the three weeks since the IPO and acquisition of OB10, the global e-Invoicing network, has been in line with management's expectations and the Board are pleased with the progress made against the strategy set out at the time. In particular, Tungsten Group has signed several important contracts since the listing. These include:

Alliance Data

A current Tungsten Group e-Invoicing network client, Alliance Data ("ADS"), has signed up to be the first Tungsten Group dynamic invoice discounting client. Tungsten Group will provide its Express Payments financing technology to enable ADS's supply chain finance solution for its suppliers.

Caterpillar

Caterpillar has signed up to Tungsten Group's e-Invoicing network to roll out services in major European countries.

Further progress in Mexico

Tungsten Group has rolled out its services for one of the world's largest food manufacturers in Mexico, one of the first countries in the world to mandate the use of e-Invoicing. Through the use of electronic invoicing, Mexico intends to improve its tax and corporate data collection, and streamline the supply chain to the benefit of its economy.

In addition, Tungsten Group has signed its first reseller agreement in Mexico with Buzón E, currently a partner for compliant e-Invoicing in Mexico.

Top-10 US-based bank

We are delighted to report that a top-10 US-based bank has moved rapidly to sign an agreement to integrate Tungsten Group's e-Invoicing network services with the bank's Accounts Payable platform for resale to its customers. Tungsten Group and the bank will jointly take the combined product to market in North America. The parties have agreed to commence immediately a good-faith discussion to collaborate on Tungsten Group's Express Payments service in North America.

Premier Farnell and DS Smith Packaging

Among other suppliers signed up this quarter for global or European contracts, Premier Farnell and DS Smith Packaging are of particular note. We are proud of all our client conversions and existing customers but in the interests of brevity we will highlight only those that stand out as meaningful indicators of the progress of our strategy in our statutory announcements.

Other notable activity

Discussions continue with the PRA to advance the change of control process whereby Tungsten Group can acquire the Bank, as set out in the listing particulars.

Strengthened Resources

In anticipation of the growth prospects for Tungsten Group we are mindful to put in place, in strength and depth, the right level of infrastructure and resource. We are therefore delighted to have strengthened our team with the addition of some real talent at a senior level including Lincoln Jopp as Chief Operating Officer, Tungsten Corporation; David Newberry as Chief Marketing Officer, OB10 Ltd; and Jonathan Mackay as Chief Risk Officer designate for the Bank.

Enquiries

Tungsten Corporation plc [phone]

Edmund Truell, CEO

Jeff Belkin, CFO

   Charles Stanley Securities (NOMAD and Joint Broker to Tungsten)         [phone] 

Marc Milmo / Dugald Carlean

Canaccord Genuity (Joint broker to Tungsten) [phone]

Simon Bridges / Peter Stewart/ Cameron Duncan

Equus Group (Communications) [phone]

Piers Hooper / Sam Barton

This information is provided by RNS

The company news service from the London Stock Exchange

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