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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.
Rani Kohen, Founder and Executive Chairman of SKYX, said: "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."
Lenny Sokolow, Co-CEO of SKYX, said: "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."
