SKYX Acquires a $5 Million Revenue Strategic, Profitable E-Commerce Lighting Website

Rhea-AI Summary

SKYX Platforms Corp. (NASDAQ:SKYX) has acquired a 50% stake in Bailey Street Home, an e-commerce lighting website generating $5 million in annual revenue. The acquisition cost was $225,000 in cash. This move complements SKYX's previous agreement to acquire Belami, a company with $86 million in revenues, aimed at enhancing distribution channels for SKYX's innovative lighting technologies. The acquisition strengthens SKYX's market presence and aligns with its mission to advance smart and safe technology in homes.

Positive

• Acquisition of Bailey Street Home adds $5 million in annual revenues.
• SKYX paid only $225,000 for 50% stake, enhancing investment efficiency.
• Strategic acquisition supports distribution for SKYX's Plug & Play technology.
• Strengthens market presence alongside the Belami acquisition.

Negative

• Potential integration challenges with Bailey Street Home and Belami.
• Risks associated with future regulatory approvals for acquisitions.

This Acquisition is in Addition to SKYX's Recent Agreement to Acquire Strategic Lighting and Décor Conglomerate with $86 Million in Revenues, Funded by Two of SKYX's Existing, Leading Investors

MIAMI, FL / ACCESSWIRE / March 9, 2023 / SKYX Platforms Corp. (NASDAQ:SKYX) (d/b/a "Sky Technologies") SKYX, 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, announced today that it has acquired Bailey Street Home, a $5 million revenue, profitable, strategic e-commerce private label lighting website.

SKYX has paid $225,000 in cash for 50% of the e-commerce lighting website company, while the other 50% is owned by Belami, Inc., the strategic e-commerce company that SKYX has already signed an agreement to acquire. The $5 million in 2022 annual revenues from the e-commerce private label brand is in addition to the $86 million in 2022 annual revenues from Belami.

The acquisition of this strategic e-commerce lighting website company will serve as another marketing and growth platform for SKYX, providing additional distribution to both professional and retail channels for SKYX's revolutionary Plug & Play technology for lighting and ceiling fan installations.

Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said: "This strategic e-commerce website acquisition represents yet another marketing and educational platform for both professionals and retail customers - educating them on the lifesaving, cost saving, time saving and advanced smart benefits of our products."

About SKYX Platforms Corp.

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 standard.

SKYX Platforms Corp. (NASDAQ:SKYX) has a series of highly disruptive advanced-safe-smart platform technologies, with over 60 U.S. and global patents and patent pending applications. 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://SKYXPlatforms.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 risks arising from the diversion of management's attention from the Company's ongoing business operations, an increase in the amount of costs, fees and expenses and other charges related to the Belami Stock Purchase Agreement (the "Stock Purchase Agreement") or the Belami Acquisition (the "Acquisition"), outcome of any litigation that the Company or Belami may become subject to relating to the Acquisition, the extent of, and the time necessary to obtain, any regulatory approvals required for the Acquisition, risks of disruption to the Company's business as a result of the public announcement of the Acquisition, the occurrence of any event, change or other circumstance that could give rise to the termination of the Stock Purchase Agreement, an inability to complete the Acquisition in a timely manner or at all, including due to a failure of any condition to the closing of the Acquisition to be satisfied or waived by the applicable party, the occurrence of any event, change or other circumstance that could give rise to the termination of the Stock Purchase Agreement, a decline in the market price for the Company's common stock if the Acquisition is not completed, risks that the Acquisition disrupts current plans and operations of the Company or Belami and potential difficulties in Company or Belami employee retention as a result of the Acquisition, and the ability to implement business plans, forecasts and other expectations after the completion of the Acquisition, realize the intended benefits of the Company's acquisition, and identify and realize additional opportunities following the Company's acquisitions, as well as the other risks and uncertainties identified in filings by the Company with the SEC, including its periodic reports on Form 10-K and Form 10-Q. SKYX's acquisition of the 50% interest of the e-commerce lighting website company is not contingent on the closing of the Belami's acquisition. The financial information included in this press release is based upon available information that is preliminary in nature, as well as certain assumptions and estimates that the Company believes are reasonable. The financial information regarding Belami and Confero (d/b/a Bailey Street Home) is unaudited and the audited financials may differ from these preliminary numbers in material respects. 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.

Media Relations Contacts:
Britney Ouzts/Barbara Goldberg
O'Connell & Goldberg, Inc.
(754) 204-7074/ (954) 294-4677
bouzts@oandgpr.com / bgoldberg@oandgpr.com

Investor Relations Contact:
Lucas A. Zimmerman
MZ North America
(949) 259-4987
SKYX@mzgroup.us

SOURCE: SKYX Platforms Corp. dba Sky Technologies

View source version on accesswire.com:
https://www.accesswire.com/742919/SKYX-Acquires-a-5-Million-Revenue-Strategic-Profitable-E-Commerce-Lighting-Website

FAQ

What is the significance of SKYX acquiring Bailey Street Home?

The acquisition of Bailey Street Home, generating $5 million in revenue, enhances SKYX's distribution channels and market presence for its innovative lighting technologies.

How much did SKYX pay for the acquisition of Bailey Street Home?

SKYX paid $225,000 in cash for a 50% ownership stake in Bailey Street Home.

What are the expected benefits of the Bailey Street Home acquisition for SKYX?

The acquisition aims to improve marketing and distribution for SKYX's Plug & Play technology, expanding its reach to both professional and retail channels.

What is the relationship between the Bailey Street Home and Belami acquisitions?

The Bailey Street Home acquisition is separate but complementary to the previously announced acquisition of Belami, which has $86 million in revenues.

Are there any risks associated with the acquisition of Bailey Street Home?

Yes, potential integration challenges and the need for regulatory approvals may pose risks to the success of the acquisition.