2 Nov 2021 07:10
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 Paul Cooper, Chief Executive Officer Ian Kelly, Chief Finance Officer
| via Tavistock
|
Canaccord Genuity Limited (Broker and Nominated Adviser) Simon Bridges/Andrew Potts
| +44 20 7523 8000
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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 £220 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.