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The Collaboration will Include SKYX's Advanced and Smart Products to Both Professional and Retail Markets
The Collaboration Agreement Provides SKYX Substantial Backing in Several Areas Including Financial, Mass Production Manufacturing Capabilities, and Distribution to Global Markets
MIAMI, April 25, 2024 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ:SKYX) (d/b/a SKYX Technologies) (the "Company" or "SKYX"), a highly disruptive smart platform technology company with more than 90 issued and pending patents globally and over 60 lighting and home décor websites, announces a new collaboration with a world leading Chinese lighting supplier and manufacturer Ruee Appliances for the US, Chinese, and European Markets. The collaboration provides SKYX substantial backing in several areas including financial, mass production manufacturing capabilities, and distribution to global markets.
The collaboration agreement introduces operational and logistical efficiencies and is expected to substantially enhance gross margins on SKYX's product sales.
SKYX's technologies make homes and buildings advanced, smart, and safe creating significant value for property developers and homeowners.
SKYX recently announced record annual sales of $58.8 million and several collaborations including signing a five-year global licensing partnership agreement with General Electric (GE) to license SKYX's patented advanced and smart home platform technologies, collaborations with world-leading lighting company Kichler and U.S. leading lighting manufacturer Quoizel, and began selling to the Canadian market. The company continues to enhance its market penetration for both retail and professional segments through its global ecommerce platform of more than 60 websites for lighting and home décor.
Rani Kohen, Founder and Executive Chairman of SKYX, said, "This partnership marks a significant milestone that will assist us to expand our technology and products to global markets, while enhancing our financial foundation. Aligning with industry leaders who support our vision for growth and innovation in smart home and lighting sectors is key to our growth strategy. We anticipate announcing additional high impact collaborations as we advance our next-generation technology solutions."
Posted In: SKYX
