15 Aug 2014 07:00
TUNGSTEN CORPORATION PLC
("Tungsten" or collectively the "Tungsten Group")
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 15 August, 2014
Market Update
LONDON, 15 August 2014 - On 14 July 2014, Tungsten Corporation plc (LSE:TUNG) outlined that it was exploring debt-funding opportunities for Tungsten Bank, Tungsten Network Finance and the Tungsten Group as a whole. Today, Tungsten is announcing that it made an application to the British Business Bank for a potential investment of up to £50 million in matched funding in support of a debt placement by Tungsten Corporation plc. The British Business Bank is a UK government-owned financial institution focused on improving finance markets for smaller businesses. Tungsten has now entered discussions with a number of institutional investors in this regard and has also progressed discussions with a range of other third parties to support its invoice financing activities.
Shareholders will be kept informed as the Company finalises its funding to accelerate the growth of the business. There can be no guarantee that Tungsten will be able to secure such debt financing.
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 through Tungsten Bank to suppliers and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten serves 55% of the Fortune 500 and 67% 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 processes transactions worth over $187bn 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.
For further information:
Tungsten Corporation plc +44 20 7280 7807 Edmund Truell, CEOSandra Higgison, Head of Global Communications
Charles Stanley Securities +44 20 7149 6000(NOMAD and Joint Broker)Marc MilmoDugald Carlean
Canaccord Genuity (Joint Broker) +44 20 7523 8000Simon BridgesPeter StewartCameron Duncan
Equus Group (Communications) +44 20 7223 1100Piers HooperSam Barton