SKYX Inks Agreement with World-Leading Architect Supplier, Material Bank

SKYX Platforms (Nasdaq: SKYX) has signed an agreement with Material Bank, a world-leading architect product material supply company with over 100,000 customers. The agreement is an important part of the company’s plan to accelerate growth and disrupt the US lighting and smart home industries.

Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said, “We are thrilled for the opportunity to partner with Material Bank. This agreement will continue to enhance our market penetration and is a key initiative in establishing SKYX as the new standard for safe, advanced lighting and smart home installations and products, for both residential and commercial segments.”

Highlights

Material Bank is a world leading technology and product logistics company with logistics hubs based in the U.S. and worldwide. Its customers include leading architects, designers, and builders for both commercial and residential segments.

The agreement will enable SKYX to bolster its reach through Material Bank’s strong network of builders, designers, and architects.

SKYX’s smart plug and play products are available at leading online retailers including 1stoplighting, Lighting Design Experts, Canada Lighting Experts, American Lighting Store, HomeClick, and LunaWarehouse among others.

Value Drivers

  • Strategic Acquisitions: SKYX executed two key strategic acquisitions in 2023.
    • Successful acquisition of Belami e-commerce, a profitable lighting and home décor eCommerce conglomerate with 64 websites and $88 million in revenues for the year ended December 31, 2022.
  • Global Strategic Agreement: Global strategic licensing agreement with General Electric (GE).
  • Addressable Market: $500 billion global addressable market.
  • Award-Winning Technology: SKYX’s smart ceiling plug won five prestigious awards at the 2023 Consumer Electronics Show (CES 2023).
  • Targeted Revenue Streams: Expected revenue streams including product sales, royalties and licensing, subscription monitoring and sale of global country rights.
  • IP Suite: Robust intellectual property suite including 60 global patents and patent pending applications.
  • Strong Cash Position: The company’s cash, cash equivalents, restricted cash, investments available for sale and restricted investments available for sale totaled $23.7 as of June 30, 2023.
  • Maintaining Shareholder Value: SKYX has been accepted to the 2023 Russell 3000 Index

About SKYX Platforms

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 Platforms Corp. (NASDAQ: SKYX) has a series of highly disruptive advanced-safe-smart platform technologies, with over 60 U.S. and global patents and patent pending applications as well as 64 lighting and home & décor websites. 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.

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SKYX Inks Agreement with World-Leading Architect Supplier, Material Bank

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