Tungsten Corporation PLC Deferred Consideration (6169R)

TIDMTUNG

RNS Number : 6169R

Tungsten Corporation PLC

10 March 2016

TUNGSTEN CORPORATION PLC

10 March 2016

Deferred Consideration

Tungsten Corporation plc (LSE:TUNG) ("Tungsten" or the "Company"), the global electronic invoicing, analytics and financing company, announces the payment of deferred consideration pursuant to the acquisition of Image Integration Systems, Inc. ("DocuSphere"), originally announced on 2 September 2014.

Tungsten, with the agreement of DocuSphere, has elected to satisfy the deferred consideration in cash, amounting to a payment of GBP55,958 (based on the number of shares that would otherwise have been issued multiplied by the middle market closing price of Tungsten shares on 7 March 2016). There is no further deferred consideration due under the DocuSphere purchase agreement.

 
 Enquiries: 
 Tungsten Corporation plc 
  Richard Hurwitz, CEO 
  David Williams, CFO                          +44 (0)20 
  Cynthia Alers, Head of Investor Relations     7280 7872 
 
 Panmure Gordon (Nominated Advisor)            +44 (0)20 
  Fred Walsh/Peter Steel                        7886 2500 
 
 Canaccord Genuity Limited (Broker) 
  Simon Bridges/Cameron Duncan/Emma            +44 (0)20 
  Gabriel                                       7523 8000 
 
 Neustria Partners 
  Robert Bailhache/Nick Henderson/Charles      +44 (0)20 
  Gorman                                        3021 2580

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, the world's largest compliant electronic invoicing network, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers options for supply chain financing and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.

Tungsten serves 56% 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 enables suppliers to submit tax compliant e-Invoices in 47 countries, and last year processed transactions worth over $187bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's, and the US Federal Government.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 10, 2016 02:00 ET (07:00 GMT)

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