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25 Sep 2014 07:27
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
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 25 September 2014
Market update
Pharmaceutical and healthcare companies continue to choose Tungsten Network
Seven of the top-twelve global pharmaceutical businesses use the global e-Invoicing network
London, 25 September - Tungsten Network is the e-Invoicing provider of choice for the world's leading pharmaceutical and healthcare companies.
The latest organisations to select Tungsten Network include Fresenius Medical Care NA, a US-based provider of kidney dialysis services and renal care products, and Dana-Farber Cancer Institute, a world leader in cancer treatment and research.
These new customers join the global e-Invoicing network alongside long-term practitioners, such as GlaxoSmithKline, and reinforce Tungsten's strength in this industry. Seven of the twelve largest pharmaceutical companies in the world, ranked by revenue, transact with their suppliers through Tungsten Network.
"The pharmaceutical sector has been an early adopter of e-Invoicing with our first customer from the industry joining the network in 2004," says Edmund Truell, Tungsten Group CEO. "It's befitting that an industry focused on innovation is equally pioneering in its own business practices."
Enquiries:
Tungsten Corporation plc
Edmund Truell, Chief Executive Officer +44 20 3435 5680
Charles Stanley Securities
(Nominated Adviser and Joint Broker)
Marc Milmo/Dugald Carlean +44 20 7149 6000
Canaccord Genuity Limited
(Joint Broker)
Simon Bridges/Peter Stewart/Cameron Duncan +44 20 7523 8000
Equus Group (Communications)
Piers Hooper / Sam Barton +44 20 7223 1100
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, built on OB10 e-Invoicing, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing through Tungsten Bank and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten serves 53% of the Fortune 500 and 66% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 46 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 US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network.
Contact: Sandra Higgison, Head of Global Communications, +44 20 7280 7973, sandra.higgison@tungsten-network.com.
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