SKYX Now Owns Nearly Half of U.S. Lighting Websites After Closing Strategic Acquisition of a Company with $88M in Revenues and $4.3M in EBITDA in 2022
SKYX website portfolio now spans 64 websites for lighting and home décor products - including most leading U.S. lighting brands
Acquisition expected to accelerate SKYX's go-to-market for its plug and play safe and smart ceiling platform products with retail and professional segments including builders, architects and designers
MIAMI FL / ACCESSWIRE / May 1, 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 closed the strategic acquisition of Belami e-commerce, an established lighting and home décor company with 64 websites,
The acquisition of the strategic e-commerce lighting and home décor conglomerate will serve as a growth, marketing and educational platform for the significant lifesaving, cost saving, time saving and simplicity aspects of SKYX's platform technologies. This will provide new distribution channels to the retail and professional segments - including builders, architects and home designers.
A majority of the purchase price of the acquisition was paid with the Company's common stock, reflecting an acquisition price of 6 times EBITDA, totaling approximately
Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said: "We are excited to close this strategic acquisition of an e-commerce company with 64 websites, which is expected to serve us on several fronts. The access to new distribution channels will serve as a marketing platform for us to enhance education and awareness of the lifesaving, cost saving and time saving aspects of our products - as well as of the smart features included in our award-winning plug and play ceiling products."
Steve Schmidt, President of SKYX Platforms, added: "This strategic acquisition will significantly advance our go-to-market channels as well as serve as a great marketing and product education platform. We expect that it will considerably accelerate distribution of our products to retail and professional segments, including to builders, architects and designers."
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 new 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, including any statements about go-to-market plans and anticipated timelines, 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, 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 Closing, realize the intended benefits of the acquisition, and identify and realize additional opportunities following the acquisition, 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. Investors should not rely on the financial information regarding Belami, including the revenue numbers for 2022, or any pro formas filed by the Company, as indicative of any future performance. Future performance could differ in material ways. Investors should expect quarter-to-quarter and year-to-year fluctuations. 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.
Non-GAAP Financial Measures
Management uses the non-GAAP financial measure of EBITDA, which is defined as net income (loss) attributable to Belami, plus interest, taxes, and depreciation and amortization, in reviewing Belami's results, which management believes helps identify underlying trends in the business that could otherwise be masked by the effect of the expenses that excluded in EBITDA. Management believes the measure is useful to investors because it eliminates the impact of certain noncash and/or other items that management does not consider to be indicative of performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare operating and financial performance across periods, as well as facilitating comparisons to others in the same industry, although other companies may calculate this non-GAAP measure differently, which may limit the usefulness of this measure for comparative purposes.
This measure should be considered in addition to, rather than as a substitute, for net income attributable to Belami. This non-GAAP financial measure excludes significant expenses and income that are required by U.S. generally accepted accounting principles ("GAAP") to be recorded in the Company's financial statements and are subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure included below. Investors should not rely on any single financial measure to evaluate our business.
The following table presents a reconciliation of EBITDA to net income attributable to Belami, the most comparable GAAP financial measure:
| 2022 | ||||
Net income attributable to Belami | $ | 4,048,938 | ||
Interest expense | - | |||
Income tax | 33,528 | |||
Depreciation and amortization | 230,551 | |||
EBITDA | $ | 4,313,017 | ||
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
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