Item 8.01 Other Events.
On February 6, 2014, M. Richard Marcus filed a lawsuit against Oryon
Technologies, Inc. ("Oryon") and certain of its subsidiaries and directors, and
EFL Tech B.V. ("EFL") and an affiliate, in the District Court for Dallas County,
Texas, alleging a breach of fiduciary duty, inducement of fiduciary duty,
minority shareholder oppression, breach of promissory note, and tortious
interference with contract, in connection with the transaction between Oryon and
EFL that is described in Oryon's Form 8-K Current Report filed with the
Securities and Exchange Commission on January 27, 2014 (the "EFL Transaction").
In the lawsuit, the plaintiff seeks monetary damages, and a temporary
restraining order, temporary injunction and permanent injunction against the
defendants. Such injunctive relief would, inter alia, restrain the defendants
from: (i) closing the second and third tranches (as required by the Subscription
Agreement between the parties) pursuant to which EFL would contribute $500,000
to Oryon in exchange for shares that would increase EFL's ownership stake in
Oryon to 75% of Oryon's fully diluted common stock, and allow EFL to nominate
three additional directors to Oryon's Board of Directors; (ii) acting under the
Subscription Agreement, License Agreement, Equipment Lease Agreement, or the
Business Relationship Agreement that are part of the EFL Transaction; and (iii)
dissipating the assets of Oryon.
At a hearing held on February 6, 2014, the Court denied the plaintiff's motion
for a temporary restraining order, granted plaintiff's motion for expedited
discovery, and set a hearing on February 14, 2014, for the plaintiff's motion
for a temporary injunction.
In the lawsuit, the plaintiff alleges that Oryon breached a promissory note held
by plaintiff, which accelerates the full amount of principal and interest of due
thereunder, in the amount of approximately $68,000.