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

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Apparel/Garments | On 18th Nov 2017

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Sri Lanka’s apparel exports from January to September 2017 has...

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Apparel/Garments | On 18th Nov 2017

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Bangladesh Prime Minister Sheikh Hasina has said two more leather...

ASEAN, Hong Kong sign free trade agreement

Textiles | On 18th Nov 2017

ASEAN, Hong Kong sign free trade agreement

The Association of Southeast Asian Nations (ASEAN) and Hong Kong...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kai Poehler
Voith Paper GmbH & Co. KG

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

November 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search