Business
SKYX Reports Fiscal Year 2022 Financial Results
SKYX Signed Acquisition Agreement of a Lighting and Home Décor eCommerce Company with 64 Websites and $86 Million in Revenues that Positions SKYX's Plug &
About this update from Skyx Platforms Corp.
[{"type":"text","content":"SKYX Signed Acquisition Agreement of a Lighting and Home Décor eCommerce Company with 64 Websites and $86 Million in Revenues that Positions SKYX's Plug & Play and Smart Products for Widescale Adoption in Both Professional and Retail Segments, Concurrent with its Continuing Safety Code Standardization ProcessMIAMI, FL / ACCESSWIRE / March 31, 2023 / SKYX Platforms Corp. (NASDAQ:SKYX) (d/b/a \"Sky Technologies\") (\"SKYX,\" \"we,\" or the \"Company\"), a highly disruptive platform technology company with over 60 issued and pending patents globally with a mission to make homes and buildings become safe and smart as the new standard, today provided a corporate update in conjunction with the filing of its Annual Report on Form 10-K for the year ended December 31, 2022.Fourth Quarter 2022 and Subsequent Operational Highlights: ●Signed a strategic acquisition agreement to acquire Belami, a profitable lighting and home décor eCommerce conglomerate with $86 million in revenues and 64 websites, that is expected to enhance the Company's cash flow and serve as a marketing education platform, as well as accelerate SKYX's products' time to market and distribution to both professional and retail segments. The transaction is mostly funded through stock/equity payments while the cash portion for the closing was fully funded by two major SKYX leading investors. ●The Company is planning to announce an investor call upon the closing of the e-commerce acquisition that is expected to occur in April and will discuss the Form 10-K as well as the significant implications of the 64 lighting and décor websites on the Company's go-to-market strategy. ●SKYX was approved by the American Institute of Architects (AIA) for inclusion in its mandatory annual Continuing Education Systems course for its 96,000+ member architects. ●SKYX's Smart plug & play for ceilings products won a total of five prestigious awards during the Consumer Electronic Show - CES 2023 from leading technology publications, including the CES Smart Home Innovation Award. ●As part of the standardization process of SKYX's ceiling outlet/receptacle specifications, received an approval vote by ANSI / NEMA (American National Standards Institute and National Electrical Manufacturers Association). Additionally, our ceiling receptacle was voted and approved by the National Electrical Code (NEC) for...