20 May 2021

Tungsten Corporation plc

("Tungsten" or the "Company")

Appointment of Chief Financial Officer

The board of Tungsten Corporation PLC (AIM:TUNG), a leading provider of digital financial management products and software solutions, is pleased to announce that it has appointed Ian Kelly, currently Interim Chief Financial Officer, to the role of Chief Financial Officer on a permanent basis.

Ian is an experienced Finance professional with significant commercial experience in technology-based businesses operating in client-centric markets. 

Ian joined Tungsten in 2019 prior to which he had been Finance Director at Blackhawk Network, International Finance Director at Axiomlaw, Finance Director - Residential at Talk Talk and EMEA and Shared Services Finance Director at Discovery Communications. He is a Fellow of the Institute of Chartered Accountants for England and Wales, having qualified with PWC.

It is planned that Ian will join the board in due course, and other than that set out below, there is no further information required to be disclosed under Rule 17 and Schedule Two, paragraph (g) of the AIM Rules.

Tony Bromovsky, Chairman commented, "The board of Tungsten are pleased to welcome Ian to the role of Chief Financial Officer on a permanent basis.  Ian has made a very positive contribution since joining Tungsten and stepping up to the Interim role.  We look forward to his continued leadership over the coming years."

Andrew Lemonofides, CEO commented, "I am also delighted that we have been able to promote someone of the calibre of Ian to this vital role and I look forward to continuing to work with him as we drive to fulfil the potential that Tungsten represents."

Enquiries

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.

Additional Information

Ian Philip Kelly, age 49, is currently or has been a director of the following companies within the past five years: