DALLAS, May 7, 2014 /PRNewswire/ -- Oryon Technologies,
Inc. (OTCQB : ORYN), an innovator of next-generation flexible
lighting technology marketed as ELastoLite®, has filed a Petition
for protection and reorganization under Chapter 11 of the United
States Bankruptcy Code. The filing was made on Tuesday, May 6, 2014, and was driven by a number
of factors external to the company's on-going business:
- EFL Tech B.V., which purchased a majority of Oryon's
outstanding common stock under a Subscription Agreement that closed
on January 21, 2014, breached that
agreement by failing to make a payment of $250,000 to Oryon as required on March 31, 2014,
- A lawsuit brought by M. Richard
Marcus against Oryon and certain company directors with
respect to the EFL transaction has consumed appreciable operating
funds and management time, negatively impacting business
activities,
- The Marcus lawsuit, as well as a lawsuit brought by Myant
Capital Partners, Inc., an Ontario,
Canada garment manufacturer and a failed suitor for control
of Oryon, created a business environment in which it was not
possible for Oryon to attract additional investment funds.
Oryon believes that its extensive electroluminescent (EL) patent
portfolio, production-ready flexible lighting technology, wearable
electronics market interest and customer support can create a
healthy business under the reorganization protection of the
Bankruptcy Court.
About Oryon
Oryon Technologies, Inc. ( OTCQB : ORYN ) is a research,
development and applications engineering company that has developed
multiple patents relating to electroluminescent ("EL") lighting
trademarked as "ELastoLite". ELastoLite® enables thin, flexible,
crushable, water-resistant lighting systems that can be
incorporated into a wide range of applications such as safety
apparel, sporting gear, shoes, membrane switches, signage and
displays among others. Market areas include: industrial, municipal
safety; military, medical and automotive. Learn more at
www.oryontech.com or contact info@oryontech.com . View the
ElastoLite® product presentation at:
www.oryontech.com/investors/presentations.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that
term is defined in Section 27(a) of the Securities Act of 1933, as
amended, and Section 21(e) of the Securities Exchange Act of 1934,
as amended. Statements in this press release that are not purely
historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include,
among other things, reference to new technologies and sales methods
as well as financial projections for the size of the market. Actual
results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among
others, the inherent uncertainties associated with new projects and
development stage companies. These forward-looking statements are
made as of the date of this news release, and we assume no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in
the forward-looking statements. Although we believe that any
beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no assurance that any such
beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set forth
herein and should also refer to the risk factors disclosure
outlined in the Form 8-K, as amended, dated May 4, 2012 and our Annual Report on Form 10-K
for the most recent fiscal year, our quarterly reports on Form 10-Q
and other periodic reports filed from time-to-time with the
Securities and Exchange Commission.
SOURCE Oryon Technologies, Inc.