SKYX Provides Business Update Including 5 Additional Patents Issued in the U.S. and International Markets

The 5 Issued Utility Patents are in Addition to the 3 Issued Patents Announced Two Weeks Ago

MIAMI, FL / ACCESSWIRE / September 21, 2023 / (NASDAQ:SKYX) (d/b/a "SKYX Technologies"), 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, announced today a business update, including the issuance of five new utility patents in the U.S. and international markets including Canada, Mexico and Hong Kong for its related smart plug-and-play products including a ceiling fan with a heater and recessed light. The five additional patents announced today are in addition to the three issued patents that were announced two weeks ago - which brings the Company's intellectual property portfolio to a total of 77 issued and pending patents, 23 of which are issued patents covering SKYX's advanced and smart technologies.

Business Update:

• The Company continues to enhance the market penetration of its ceiling outlet receptacle as well as smart and standard plug & play ceiling products.
• SKYX files for a mandatory safety standardization with the National Electrical Code (NEC) for its ceiling outlet receptacle for ceilings in homes and buildings.
  • SKYX's code team is led by Mark Earley, former head of the National Electrical Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association (ALA).
  • In past 30 years, both Mark Early and Eric Jacobson led instrumental safety code changes in the electrical and lighting industries.
  • SKYX's code team has submitted significant supporting data regarding hazardous incidents that occur due to electrical wire installations including fires, ladder falls, electrocutions, injuries, and deaths caused due to hazardous wire installations.
  • After years of rigorous standardization progress, SKYX's code team and management strongly believe that it has met the necessary safety conditions and has significant supporting data for a compelling case for its ceiling outlet receptacle to become a mandatory safety standardization for ceilings in homes and buildings.
  • In a market of hundreds of millions of installations, a mandatory safety standardization of SKYX's ceiling outlet would eliminate the need to touch hazardous wires in the ceiling during installation.
  • The last major mandatory safety code change for homes and buildings by the National Electrical Code (NEC) was the GFCI (GFI), the safety outlet receptacle for bathrooms and kitchens.
• The Company's cash, cash equivalents, restricted cash, and investments available for sale totaled $23.7 million as of June 30, 2023.
• The Company's e-commerce business including over 60 websites, enhances SKYX's cash flow and marketing as well as provides distribution to both professional and retail markets.
• SKYX signs an agreement with world leading product material supply company to architects, builders, and designers - Material Bank - with over 100,000 customers.

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 77 U.S. and global patents and patent pending applications and over 60 lighting and home décor websites. 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.

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. Such forward-looking statements include any statements regarding SKYX's products becoming a new standard. There can be no assurance that any of the Company's current or future products or technologies will gain market acceptance or that they will be adopted by any state, country, or municipality, within any specific timeframe or at all. 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. 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 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 sales, the Company's efforts and ability to drive the adoption of Sky's Smart Platforms into homes, buildings, cruise ships and communities and adoption by hotels, builders and architects, ability to capture market share, ability to execute on any sales and licensing opportunities, ability to achieve code mandatory status for the SkyPlug, risks arising from mergers and acquisitions, and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There is no assurance that any of the Company's products will become National Electrical Code (NEC)-code mandatory in any jurisdiction, or that any of the Company's current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all. There can be no assurance as to any of these matters. 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