SKYX Platforms Corp. (NASDAQ:SKYX) shares clear breakeven Monday, as the company dubbing itself “a highly disruptive platform technology company with 77 pending and issued patents globally and over 60 lighting and home décor websites,” announced that it has signed with GE Technology Development, Inc. (NYSE:GE) a five-year renewal of a global licensing master service agreement to license certain SKYX advanced and smart technologies in the U.S. and worldwide.
Pursuant to the SKYX GE agreement, GE's licensing team will provide licensing services, including seeking and arranging for licensee partners in the U.S. and globally, negotiating agreement terms, administering contracts, auditing partners, assisting with monetization, and patent protection strategy, while providing mutually agreed support to defend the Company's intellectual property.
The term of the SKYX GE agreement runs through for an initial five-year term and includes automatic one-year renewal provisions.
SKYX will receive the main portion of earned revenue and GE will receive a percentage of the earned revenue under license agreements established in connection with a program commercialized by GE's licensing team.
Rani Kohen, Founder and Executive Chairman of SKYX, said: "The SKYX GE licensing service agreement is a significant step towards enhancing our market penetration through licensing channels as we continue to increase our general market penetration as well as collaborate with U.S. and world-leading strategic companies."
Shares in SKYX eked up two cents, or 1.3%, to $1.71, while those for GE sagged 40 cents to $120.19.
