11 Sep 2020 07:00
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
DIRECTORATE CHANGE
Tungsten Corporation plc (AIM: TUNG), announces that Chris Allen, Chief Financial Officer has asked to step down from the Board and his role as CFO, with immediate effect, for personal reasons. Chris is committed to ensuring a smooth handover to his successor.
The Board would like to thank Chris for his contribution to Tungsten and wish him all the best for the future.
As a result, Ian Kelly (currently Chief Commercial Officer) will take on the role of Interim CFO with immediate effect.
The Board has begun a formal process to identify and appoint a successor to Chris.
Andrew Lemonofides, CEO of Tungsten Corporation plc, stated:
"On behalf of the Board of Directors, I would like to thank Chris for his valuable contribution during his short tenure as CFO, at a time of significant transformation. Chris leaves the Board and Company with our very best wishes."
Enquiries
Tungsten Corporation plc Andrew Lemonofides, Chief Executive Officer
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| +44 20 7280 6980
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Canaccord Genuity Ltd (Nominated Advisor & Broker) Simon Bridges Andrew Potts
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| +44 20 7523 8000
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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 74% of the FTSE 100 and 71% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 50 countries, and last year processed transactions worth £195bn 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 300 people.
Forward looking statements
This document contains forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Tungsten as of the date of this statement. All written or oral forward-looking statements attributable to Tungsten are qualified by this caution. Tungsten does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Tungsten's expectations.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.