TUNG.L Regulatory News (TUNG)

TUNGSTEN CORPORATION PLC 

("Tungsten" or the "Company")

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For Immediate Release

2 September 2015

Changes to Tungsten Corporation's Board of Directors

Amendment of Notice of Annual General Meeting

Tungsten today announces it has strengthened its corporate governance with proposed changes to its Board as part of the leadership transition and operational review that began with Richard M. Hurwitz's appointment as CEO on 13 July 2015. The proposed changes will rebalance the Board to give it greater independence and enable it to support the strategy being developed by Mr. Hurwitz and his Executive team by adding Directors with complementary business and industry experience.

David Benello and Ian Wheeler are proposed to be appointed to the Board as Independent Non-Executive Directors ahead of Tungsten's Annual General Meeting ("AGM") on 24 September 2015, when they will stand for election. The Board will also appoint Nick Parker, currently Non-Executive Director and Non-Executive Chairman of Tungsten Bank plc, as Chairman of Tungsten Corporation plc, effective 24 September 2015.

Arnold Hoevenaars, Tungsten's Non-Executive Chairman, will retire by rotation from the Board at the AGM and not offer himself for re-election. In addition, Lincoln Jopp, currently an Executive Director, will retire from the Board at the AGM.

Rick Hurwitz, Tungsten CEO, commented:

"As we seek to upgrade many aspects of our business, the changes to our Board of Directors are representative of this transformation. Evident of our intent is the experience of our new Non-Executive Directors. David and Ian bring substantial technology, financial services and network experience which will be invaluable to the Company as it embarks on the next phase of its evolution."

A revised Notice of Annual General Meeting reflecting the above changes has been sent to shareholders and will shortly be available on the Company's website.

The Annual General Meeting of Tungsten Corporation plc is to be held at the offices of Ashurst LLP, Broadwalk House, 5 Appold Street, London EC2A 2HA on Thursday, 24 September 2015 at 2pm.

Notes to editors:

David Benello, 61, is a Non-Executive Director of Telecom Italia and Telekom Malaysia. He is also a partner of Oxford Investments Consultants LLP, which advises the Oxford Technology and Innovations EIS Fund. In addition David serves as a Trustee of King's College London Mathematics School and of the American Air Museum in Britain. A Director Emeritus of McKinsey & Company, he led the firm's UK Industrial and High Tech/Telecom Sectors and the European Strategy Practice. During his thirty years with McKinsey he served European, North American and Asian clients in telecom, high tech, insurance, and various industrial sectors.

Ian Wheeler, 48, has over 25 years' industry experience including 12 years at Amadeus, the leading transaction processor and network for the global travel industry, where he was most recently Group Vice President of Marketing and Distribution. He is currently Non-Executive Board Director of a number of travel technology firms and an Industry Advisor to Vitruvian Partners, the independent private equity firm that specialises in middle-market buyouts, growth buyouts and growth capital investment.

Enquiries:

About Tungsten Corporation plcTungsten 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.

Contact: Juliana Wheeler, Head of Global Communications, +44 20 7280 7973.

juliana.wheeler@tungsten-network.com