This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

9 June 2021

Tungsten Corporation plc

("Tungsten" or the "Company")

Change of Chief Executive Officer

The board of Tungsten Corporation PLC (AIM:TUNG), a leading provider of digital financial management products and software solutions, announces that Andrew Lemonofides, Chief Executive Officer, having overseen the recent transformation of the Company, will be leaving Tungsten at the end of June and will step down from the board with immediate effect. 

Speaking about his departure, Andrew said, "It has been a pleasure leading Tungsten in such extraordinary times and working with such talented, dedicated and driven people.  I joined in September 2019 to build a solid foundation for growth, which is what as a team we have achieved and so this is the right time for me to hand over the reins for the next chapter in Tungsten's journey."

Tungsten is also pleased to announce that Paul Cooper is joining the Group as Chief Executive Officer with immediate effect. Andrew will be working with Paul over the next few weeks to ensure a smooth transition of responsibilities.

Paul Cooper joins Tungsten from NTT Limited, Europe's leading provider of IT services, where he was most recently the Regional Director for NTT in Europe, with ultimate strategic, operational and financial responsibility for eleven European countries generating annual revenues of $900M, encompassing 2500 employees. He has spent a total of 21 years with Dimension Data and NTT (who merged in 2019), initially joining Dimension Data in 1999 in Australia as a member of the finance team. He moved to Dimension Data UK in 2004 and was appointed as Chief Financial Officer for Dimension Data UK in 2006. In 2011, Paul assumed the role of Chief Operating Officer for Dimension Data UK, leading the company through various continuous improvement and business transformation programs. Paul was appointed Chief Financial Officer for Dimension Data in Europe in October 2017, and before taking his most recent role as NTT Regional Director, Europe in October 2019. Online technology has been a cornerstone of his career.

Paul holds a Bachelor of Commerce degree from the Australian National University, and also qualified with CPA Australia in 2001.

It is planned that Paul will join the board in the near future, 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 of Tungsten said, "On behalf of the Board and the whole Company, I would like to extend a very warm welcome to Paul. He arrives with a fantastic track record of execution prowess, strong leadership and an impressive set of relevant skills, and we look forward to working with him on the next stage of Tungsten's journey.

"On behalf of the Board, I would like to take this opportunity to thank Andrew for his leadership and his significant contribution during his time with Tungsten. The Company has come through a very difficult year with some promising end of year results, which Andrew played a pivotal role in delivering and in transforming the business to establish a firm platform for growth. We wish him every success for the future."

Commenting on his appointment, Paul Cooper said, "I am really excited about having the opportunity to work with the team and lead Tungsten into the next phase of strategy execution. With digital transformation accelerating through the course of the pandemic, the client value of increased buyer and supplier connections on the proven Tungsten Network is more compelling than ever."

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

Paul Francis Cooper, age 46, is currently or has been a director of the following companies within the past five years: