SKYX Secures 10-Year Roof Rights for Signage on One of The Tallest Buildings in Miami

Rhea-AI Summary

SKYX Platforms Corp. has secured a 10-year roof right lease for signage on a prominent building in downtown Miami, significantly boosting brand visibility. The building, located across from the Miami Heat FTX Arena, is anticipated to reach tens of millions of viewers, enhancing brand awareness through various media. Additionally, the company is set to open its corporate headquarters and sales offices in this strategic location by 2023, benefiting from a $2.25 million improvement allowance for office space development and no rent payment until January 2024.

Positive

• Secured a 10-year lease for signage on a prominent building in downtown Miami.
• Expected high visibility with tens of millions of viewers, enhancing brand recognition.
• Opening corporate headquarters and sales offices in a strategic location in 2023.
• Received a $2.25 million improvement allowance for office development.
• No rent payments required until January 2024.

Negative

• None.

The Brand-New Building is Located in Downtown Miami on US-1, Across From Miami Heat FTX Arena and Biscayne Bay

Due to the Unique and Strategic Location of the Building, the SKYX Roof Signs are Expected to be Seen by Tens of Millions, Including on TV Shows and Skyline Miami Imagery, Creating Significant SKYX Brand Awareness

MIAMI, FL / ACCESSWIRE / September 29, 2022 / 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 for simplifying and enhancing safety and automation in homes and buildings, today announced that it secured a 10-year roof right lease for signage on one of the tallest buildings in downtown Miami, across the street from the Miami Heat FTX Arena and Biscayne Bay.

The new building is located on 400 Biscayne Blvd (US-1) and will include office space, residential as well as a high-end modern hotel. The downtown Miami area is both a U.S. and international hub for world leading companies - with the SKYX rooftop signage expected to be seen by tens of millions, including on TV shows and on Miami skyline imagery.

As part of the lease, SKYX has also secured a high-end, state of the art, high ceiling office space with 360-degree views and expects to open its U.S. and international sales offices, as well as its corporate headquarters, in the new location in 2023. As part of the agreement, the Company can start paying rent in January 2024. In addition, the Landlord will provide the Company with an improvement allowance of up to $2.25 million, which may be used for the construction of the Premises, including the reasonable cost of design, space planning, consultants, and construction drawings. The Company intends to use part of the office space and to sublease the remainder to minimize expenses.

Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said: "Securing a long-term lease for SKYX signage and offices in the heart of downtown Miami provides an incredible level of brand awareness for SKYX. As reported, FTX paid $135 million to secure a long-term lease for naming of our next-door neighbor's building, the Miami Heat Arena, now called FTX arena - and that speaks for itself.

"As we position ourselves to embark on our commercialization journey, this provides a significant foundation for our company on many levels. I look forward to moving into this exciting new space and elevating our public profile through continued operational execution, with the objective of creating sustainable, long-term value for our shareholders," concluded Kohen.

To view images of the new office location, click here: https://skyplug.com/pr7/

To learn more about SKYX's technology, access the explainer video link here: SkyXPlug.com/video

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://skyplug.com or follow us on LinkedIn.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management's control. These statements involve risks and uncertainties that may cause the Company's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Our estimates of the addressable market for our products may prove to be incorrect. The projected demand for our products could materially differ from actual demand. Forward-looking statements speak only as of the date they are made and include statements relating to the Company's ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its smart products and technologies, including commencement of presales, the Company's efforts and ability to drive the adoption of Sky's Plug Smart Platforms into multi-family residential buildings and communities and adoption by hotels, ability to capture market share, ability to execute on any sales and licensing opportunities, ability to achieve code mandatory status for the SkyPlug, and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

For the terms of the lease, see the Company's current report on Form 8-K filed with the Securities and Exchange Commission on September 29, 2022. Under the terms of the lease, the Company does not expect to pay any rent for the first fourteen months of the lease, taking into account a six month build out period (which may be extended for up to four months), and four additional months of rent abatement after the rent commencement date. The Company may extend the build out period for four one month periods, provided that for each one month extension exercised, the annual base rent will increase by $1.00 per square foot. The signage is subject to obtaining necessary permits. The images included in this press release are for demonstration purposes only and are not necessarily representative of any signage expected to be installed.

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/718093/SKYX-Secures-10-Year-Roof-Rights-for-Signage-on-One-of-The-Tallest-Buildings-in-Miami

FAQ

What lease agreement did SKYX Platforms Corp. secure in September 2022?

SKYX secured a 10-year roof right lease for signage on a tall building in downtown Miami.

How will the new office location benefit SKYX Platforms Corp.?

The location is expected to enhance brand visibility, reaching tens of millions of viewers.

What financial support is SKYX receiving for its new office space?

SKYX has secured an improvement allowance of up to $2.25 million for office space development.

When is SKYX expected to start paying rent for the new office?

SKYX is expected to start paying rent in January 2024.

What is the significance of the location of SKYX's new lease in relation to major landmarks?

The building is located across from the Miami Heat FTX Arena, enhancing brand exposure.