Business
Sky Technologies Reports First Quarter 2022 Financial Results
Foundation Building for Successful 2022 Commercial Launch UnderwayMIAMI, FL / ACCESSWIRE / May 9, 2022 / SQL Technologies Corp. (NASDAQ:SKYX) ("Sky
About this update from Skyx Platforms Corp.
[{"type":"text","content":"Foundation Building for Successful 2022 Commercial Launch UnderwayMIAMI, FL / ACCESSWIRE / May 9, 2022 / SQL Technologies Corp. (NASDAQ:SKYX) (\"Sky Technologies\" \"Sky\" or \"the Company\"), a Company significantly enhancing safety in homes and buildings as well as smart home lifestyle, with highly disruptive smart platform technologies and over 60 issued and pending patents globally, today reported the Company's financial results for the first quarter ended March 31, 2022.First Quarter 2022 and Subsequent Highlights:The Company anticipates starting presales of the smart connected smart SkyPlug, the all-in-one Sky Platform smart home solution and the accompanying SkyHome App - as well as an accompanying line of GE-branded smart ceiling fans and lighting fixtures - in the second half of 2022.Appointed Mark Earley, the former Chief Electrical Engineer of The National Electrical Code (NEC), to spearhead Sky's Safety Advisory Board as it seeks to work with regulators to encourage adoption of the SkyPlug & Receptacle by domestic and international electrical code organizations.Appointed world-renowned architect Bernard Zyscovich as Chair of the newly formed Architectural and Real Estate Advisory Board, which is expected to drive adoption of Sky's smart platforms into multi-family residential buildings and communities.Appointed insurance expert and E&Y 2017 Entrepreneur of the Year (Midwest Region), Paul Chernawsky, as Chair of the newly formed Insurance Advisory Board, with the goal of driving insurance companies and regulators to encourage adoption of the safety enhancing SkyPlug and associated smart platforms.Successfully completed its upsized $23.1 million initial public offering (IPO) on the Nasdaq Capital Market, selling 1,650,000 shares of common stock to the public at $14 per share.As of March 31, 2022, the Company's cash and cash equivalents were $27.6 million.Management Commentary\"The first quarter of 2022 was highlighted by our upsized $23.1 million IPO on the Nasdaq, which built the foundation for an accelerated commercialization pathway and product launches,\" said Rani Kohen, Executive Chairman of Sky Technologies. \"We are now leveraging this significant momentum to position ourselves for the upcoming launch of our smart connected SkyPlug, the all-in-one Sky Platform smart home solution and the accompanying SkyHome Ap...