Home / Knowledge / News / Apparel/Garments / Oryon announces strategic investment by EFL tech
Oryon announces strategic investment by EFL tech
25
Jan '14
Oryon Technologies, Inc. an innovator of next-generation flexible lighting technology marketed as ELastoLite, has entered into a multi-faceted strategic transaction with Netherlands-based EFL Tech that combines their worldwide EL business activities and operations under Oryon. The transaction significantly extends Oryon's reach into international wearable technology and related information display markets.
 
Oryon Technologies has established a leading reputation in active personal lighting systems. Its patented electroluminescent (EL) technology combines flexible printed circuitry with advanced elastomeric lamps.
 
ELastoLite enables thin durable lighting systems that are flexible, crushable and washable. It is incorporated into smart textiles and gear used in low light environments, and molded into plastics or substrates for automotive, biomedical and security applications, among others. 
 
EFL Tech is a global technology company and a premier developer and licensor of printed electronics based on electroluminescent (EL), electrochromic (EC) and transparent organic photovoltaic (TOPV) technology. Its solutions can produce energy-efficient, self-powered, low- cost printed and flexible electronic displays and smart signage. "We are a leading company in the global licensing of innovative technologies," explained Alex Hatzimihail, EFL Tech CEO. "The  Oryon relationship accelerates plans to meet growing global interest in EL lighting applications and smart wearable technology."
 
The transaction encompasses operating capital, board composition, patent portfolios, product manufacturing and global business activity. Specifically:
 
- EFL Tech is providing Oryon $1.5 million of financing. At closing on January 21, 2014, the first installment of $1.0 million was paid, to be followed by $ 0.5 million by March 31, 2014. Oryon will use a portion of the proceeds for the repayment of debt; 
- As part of the EFL Tech transaction, approximately $817,375 of indebtedness was exchanged for 19,267,010 shares of Oryon common stock plus cash payments aggregating $122,125;
- Oryon issued EFL Tech 85,271,779 shares of common stock at closing, representing 51 percent of issued and outstanding stock. Additional shares of Oryon stock will be issued to EFL Tech as further funding is received by March 31, 2014. At that point, EFL Tech will hold 75 percent of Oryon common stock on a fully diluted basis;
- Following the transaction, Mark Pape and Jon Ross resigned from Oryon's Board. EFL Tech has the right to nominate four board appointments after all funding has occurred. Dr. Clifton Shen was approved on January 21, 2014 to fill one of the vacancies;
- Oryon's CEO, Thomas Schaeffer, retains that position, although he has resigned the title of President. At this point, that position has not been filled.
 
Click here to view more.
 

Oryan Technologies


Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search