TUNG.L Regulatory News (TUNG)

TUNGSTEN CORPORATION PLC 

("Tungsten" or the "Company")

For Immediate Release

3 July 2019

New Chief Executive Officer

Tungsten Corporation plc, the global business transaction network, is pleased to announce that Andrew Lemonofides will be joining the Board as Chief Executive Officer in September 2019.

Andrew is currently the Chief Strategy and Transformation Officer at IWG plc, having previously served as Chief Strategy Officer. He has been a valued member of the IWG Senior Leadership team for the past 7 years. Andrew has extensive experience of the technology sector, having held a number of senior roles in global technology companies for a total of 23 years. Most recently Andrew spent 13 years at Dell Corporation in various senior finance and operations roles, including COO Emerging Markets, European Commercial Operations Director and Finance Director UK LCA.

He has focused on the execution of transformational change through a detailed, systematic and customer centric approach to deliver simple and effective business models. Importantly he has also led reengineering programmes encompassing both AR and AP systems, allowing him a deep understanding of the solutions which Tungsten offers from all customer perspectives.

Andrew holds a degree in Business Studies with Marketing, a postgraduate degree in Economics and also an MBA.

Following Andrew's appointment, David Williams will revert to his role as CFO and Tony Bromovsky will revert to his prior role of Non-Executive Chairman after a suitable integration period.

Commenting on the appointment, Tony Bromovsky, Executive Chairman of Tungsten said:

"On behalf of the Board and the whole Company, I would like to welcome Andrew to Tungsten. After a detailed and testing selection process, we are delighted to have attracted someone of Andrew's calibre, experience and skill set and we are confident he will be able to drive the business forward and generate the further global scale and penetration for which it has been designed."

Commenting on his appointment, Andrew Lemonofides said:

"I am looking forward to the challenge which Tungsten presents, both in continuing and further enhancing the important changes already started by Tony and the executive team. I am confident that a disciplined and focused approach will allow us to achieve the results that realise the potential of Tungsten."

Enquiries:

Andrew John Lemonofides (53) is currently a director of the following companies:

There are no further disclosures required in accordance with AIM Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies.

About Tungsten Corporation plc

Tungsten Corporation (LSE: TUNG) aims to be the world's most trusted business transaction network by using data intelligently to strengthen the global supply chain.

Tungsten Network is a secure business transaction network that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers access to trade finance through Tungsten Network Finance.

Tungsten Network processes invoices for 74 percent of the FTSE 100 and 71 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £164bn for organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and the US Federal Government.