April 25, 2024

SKYX Collaborates with World Leading Chinese Lighting Supplier and Manufacturer for the US, Chinese, and European Markets as it Continues to Enhance its Market Penetration

The Collaboration will Include SKYX’s Advanced and Smart Products to Both Professional and Retail Markets

The Collaboration Agreement Provides SKYX Substantial Backing in Several Areas Including Financial, Mass Production Manufacturing Capabilities, and Distribution to Global Markets

MIAMI, April 25, 2024 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the "Company" or "SKYX"), a highly disruptive smart platform technology company with more than 90 issued and pending patents globally and over 60 lighting and home décor websites, announces a new collaboration with a world leading Chinese lighting supplier and manufacturer Ruee Appliances for the US, Chinese, and European Markets. The collaboration provides SKYX substantial backing in several areas including financial, mass production manufacturing capabilities, and distribution to global markets.

The collaboration agreement introduces operational and logistical efficiencies and is expected to substantially enhance gross margins on SKYX’s product sales.

SKYX’s technologies make homes and buildings advanced, smart, and safe creating significant value for property developers and homeowners.

SKYX recently announced record annual sales of $58.8 million and several collaborations including signing a five-year global licensing partnership agreement with General Electric (GE) to license SKYX’s patented advanced and smart home platform technologies, collaborations with world-leading lighting company Kichler and U.S. leading lighting manufacturer Quoizel, and began selling to the Canadian market. The company continues to enhance its market penetration for both retail and professional segments through its global ecommerce platform of more than 60 websites for lighting and home décor.

Rani Kohen, Founder and Executive Chairman of SKYX, said, “This partnership marks a significant milestone that will assist us to expand our technology and products to global markets, while enhancing our financial foundation. Aligning with industry leaders who support our vision for growth and innovation in smart home and lighting sectors is key to our growth strategy. We anticipate announcing additional high impact collaborations as we advance our next-generation technology solutions.”

About SKYX Platforms Corp.

As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 90 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.

Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.

Investor Relations Contact:

Jeff Ramson
PCG Advisory