SKYX Platforms provides business update including issuance of five patents

SKYX Platforms announced 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 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, and Eric Jacobson, former President and CEO of the American Lighting Association. 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 was the GFCI, 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.