13 Oct 2016 09:37
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
13 October 2016
For Immediate Release
Settlement of Tax
Tungsten notes the publication in the London Gazette on 10 October 2016 regarding an application for a winding-up order made against a subsidiary, Tungsten Network Limited. This relates to a dispute over tax due by the subsidiary to HMRC.
Based on correspondence with HMRC, Tungsten understood that the outstanding amount was required to be paid by 12 October 2016. The publication in the London Gazette was therefore made in error, which HMRC accept. In any case, the outstanding sum has been settled in full. Tungsten has received confirmation from HMRC that it is in receipt of the funds. The application will be withdrawn in due course.
Tungsten confirms that it remains on track to meet guidance for its current financial year, as reiterated at the Annual General Meeting on 16 September 2016.
Enquiries
Tungsten Corporation plc Richard Hurwitz, Chief Executive Officer David Williams, Chief Financial Officer |
+44 20 7280 7713
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Panmure Gordon (Nominated Advisor) Adam James/Peter Steel | +44 20 7886 2500
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Canaccord Genuity Limited (Broker) Simon Bridges/Cameron Duncan/Emma Gabriel | +44 20 7523 8000
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Neustria Partners Robert Bailhache/Nick Henderson/Charles Gorman | +44 20 3021 2580
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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 e-invoicing and purchase order services platform that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow management. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers suppliers access to invoice financing through Tungsten Network Finance, a form of alternative finance for businesses.
Tungsten Network processes invoices for 70% of the FTSE 100 and 72% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 47 countries, and last year processed transactions worth over £133bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's and the US Federal Government.
Trusted, passionate and proven, Tungsten is making the digitisation of global commerce between buyers and suppliers faster, easier and smarter.