TUNG.L Regulatory News (TUNG)

11 December 2020 - Reach

Tungsten Corporation plc

("Tungsten" or the "Company")

NEW CUSTOMER WIN

For more than 25 years, MSX International ('MSX') has helped automotive manufacturing customers enhance operational efficiency and customer satisfaction. Five thousand MSX team members in more than 60 global offices serve customers by combining deep industry expertise with cutting-edge technology solutions to drive digital innovation and business value.

Speed to digitisation is business critical for MSX. With the Tungsten AP solution, MSX will be able to integrate existing workflow into the journey from initial invoice receipt through to payment submission. Tungsten will help accelerate onboarding for over 2,000 MSX suppliers, offering exception management and complete invoice data visibility throughout the process.

"We are delighted to welcome MSX into our expanding Tungsten Network" said Andrew Lemonofides, CEO of Tungsten Network. "With the Tungsten AP Solution and our proven approach to rapid supplier onboarding, we look forward to helping MSX reaching its 90% digitisation goal, driving efficiency and reducing cost along the way. It's an exciting time of growth for both our companies and we look forward to building a successful partnership with MSX."

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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 over £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.