MIAMI, FL, December 11, 2023 - SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the "Company" or "SKYX"), a highly disruptive platform technology company with 77 pending and issued patents globally and over 60 lighting and home décor websites, with a mission to make homes and buildings become safe and smart as the new standard, today announced that it has signed with GE Technology Development, Inc. ("GE") a five-year renewal of a global licensing master service agreement to license certain SKYX advanced and smart technologies in the U.S. and worldwide.
Pursuant to the SKYX GE agreement, GE's licensing team will provide licensing services, including seeking and arranging for licensee partners in the U.S. and globally, negotiating agreement terms, administering contracts, auditing partners, assisting with monetization, and patent protection strategy, while providing mutually agreed support to defend the Company's intellectual property.
The term of the SKYX GE agreement runs through for an initial five-year term and includes automatic one-year renewal provisions.
SKYX will receive the main portion of earned revenue and GE will receive a percentage of the earned revenue under license agreements established in connection with a program commercialized by GE's licensing team.
"The SKYX GE licensing service agreement is a significant step towards enhancing our market penetration through licensing channels as we continue to increase our general market penetration as well as collaborate with U.S. and world-leading strategic companies."
Rani Kohen, Founder and Executive Chairman of SKYX
"The 5-year agreement with GE will contribute to us further monetizing our highly disruptive platform technologies and intellectual property while continuing to fulfill our mission of making homes and buildings become safer and smarter as a new standard."
Lenny Sokolow, Co-CEO of SKYX
About SKYX
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 77 U.S. and global patents and patent pending applications and over 60 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.
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 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.
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SOURCE: SKYX Platforms Corp. dba Sky Technologies