10 Mar 2016 07:00
TUNGSTEN CORPORATION PLC
10 March 2016
Deferred Consideration
Tungsten Corporation plc (LSE:TUNG) ("Tungsten" or the "Company"), the global electronic invoicing, analytics and financing company, announces the payment of deferred consideration pursuant to the acquisition of Image Integration Systems, Inc. ("DocuSphere"), originally announced on 2 September 2014.
Tungsten, with the agreement of DocuSphere, has elected to satisfy the deferred consideration in cash, amounting to a payment of £55,958 (based on the number of shares that would otherwise have been issued multiplied by the middle market closing price of Tungsten shares on 7 March 2016). There is no further deferred consideration due under the DocuSphere purchase agreement.
Enquiries: | |
Tungsten Corporation plc Richard Hurwitz, CEO David Williams, CFO Cynthia Alers, Head of Investor Relations | +44 (0)20 7280 7872 |
Panmure Gordon (Nominated Advisor) Fred Walsh/Peter Steel | +44 (0)20 7886 2500 |
Canaccord Genuity Limited (Broker) Simon Bridges/Cameron Duncan/Emma Gabriel | +44 (0)20 7523 8000 |
Neustria Partners Robert Bailhache/Nick Henderson/Charles Gorman | +44 (0)20 3021 2580 |
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.
Buyer organisations that join Tungsten Network, the world's largest compliant electronic invoicing network, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers options for supply chain financing and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It enables suppliers to submit tax compliant e-Invoices in 47 countries, and last year processed transactions worth over $187bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's, and the US Federal Government.