Tungsten appoints David Williams as CFO

TUNGSTEN CORPORATION PLC 

("Tungsten" or the "Company")

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For Immediate Release: 17 March 2015

Market update

Tungsten appoints David Williams as CFO

London, 17 March 2015 - Tungsten Corporation plc (LSE:TUNG), the global electronic invoicing, analytics and financing company, today announced the appointment of David Williams as Chief Financial Officer (CFO).

David joined Tungsten in 2013 to support the group's admission to AIM, and was appointed Deputy CFO. He has been responsible for developing the finance and reporting functions within the business and had been acting as Interim CFO since January 2015.

David has 16 years of financial experience working in professional practice and consultancy with public and private companies. After training as a Chartered Accountant with Arthur Andersen, David spent five years in the Corporate Finance division of Ernst & Young, followed by five years at FTI Consulting, advising both the public and private sector. He subsequently left to assume a variety of senior management roles. David is a Fellow of the ICAEW.

"David joined Tungsten shortly after our inception and has an intimate knowledge of the business," said Tungsten CEO Edmund Truell. "With his strong financial control and reporting disciplines, and extensive corporate accounting experience, I'm delighted that he has agreed to assume the CFO role in a permanent capacity."

Enquiries:

Tungsten Corporation plc

Edmund Truell, Chief Executive Officer +44 20 7280 7901

Juliana Wheeler, Head of Global Communications +44 20 7280 7973

Charles Stanley Securities

(Nominated Adviser and Joint Broker)

Marc Milmo/Dugald Carlean +44 20 7149 6000

Canaccord Genuity Limited

(Joint Broker)

Simon Bridges/Peter Stewart/Cameron Duncan +44 20 7523 8000

Neustria Partners (Investors and Analysts)

Robert Bailhache/Nick Henderson/Charles Gorman +44 20 3021 2580

Equus Group (Media)

Piers Hooper / Sam Barton/ James Culverhouse +44 20 7223 1100

About Tungsten Corporation plcTungsten 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 invoice 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 supply chain financing through Tungsten Bank*; 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.

Tungsten Corporation acquired DocuSphere, a provider of accounts payable automation solutions, in September 2014.

Contact: Juliana Wheeler, Head of Global Communications, +44 20 7280 7973.

[email protected]

* Tungsten Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Tungsten Bank is registered on the financial services register with firm reference number 139209.

Information relating to David Williams

Details of directorships that David Williams currently holds or has held in the previous five years, are given below:

Current directorships:

David Michael Williams Limited

Delta Indigo Ventures Limited

Friends of Bwindi Hospital

LOCI London Limited

Tungsten (Account Trustee) Limited

Tungsten Investment Management Limited

Tungsten Network Finance Limited

Tungsten Purchaser (UK) Limited

Save as disclosed above, there is no further information required to be disclosed in accordance with Schedule 2, paragraph (g) of the AIM Rules.