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30 Jun 2014 09:30
TUNGSTEN CORPORATION PLC
("Tungsten")
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 30th June, 2014
MARKET UPDATE
UAE organisations to benefit from compliant e-Invoicing through Tungsten Network
Global electronic trading network now offers compliant invoice-processing
automation in 46 countries
London, 30 June - Tungsten Corporation plc (LSE:TUNG) is now compliant for e-Invoicing in the United Arab Emirates (UAE).
Having completed a thorough review of Emirati commercial law, Tungsten Network, the global
e-Invoicing network built on OB10, now allows customers to send and receive electronic invoices that qualify as a legal invoice in the UAE.
The UAE is one of the Middle East's largest economies and one of the world's most important business hubs. It is Tungsten Network's 46th compliant country.
"Tungsten Network is continuing its multi-million pound investment programme to help our buyer and supplier customers achieve global compliance across their invoice-automation programmes," says Edmund Truell, Group CEO, Tungsten Corporation. "A number of our major clients have identified the UAE as a key market, and we're delighted to deliver this important territory to them as we help them trade with confidence."
LONDON, 30 June 2014
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, 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 to suppliers and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten connects the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 45 countries, and processes transactions worth over $180bn per year 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.
Enquiries:
Tungsten Corporation plc
Edmund Truell, Chief Executive Officer +44 20 3435 5680
Sandra Higgison, Head of Global Communications +44 20 7406 5772
Equus Group (Communications)
Piers Hooper / Sam Barton +44 20 7223 1100
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