MOORESVILLE, N.C., Dec. 6, 2018 /PRNewswire/ -- Climbing dangerous pull-down attic stairs to retrieve Christmas decorations is never easy, but a North Carolina startup company, The Stoaway Company, Inc., has the answer. They have created and developed the world's first, and to date only, disappearing attic lift, which people are calling a low-cost elevator. StoLyft, which is priced from $6,950 to $9,950 installed and has a payload of up to 500 pounds, may be the future of residential storage.
Dennis Johnson, inventor and president of The Stoaway Company, Inc., said, "We are in the same position as the garage door industry was 80 years ago. People got out of their cars to open and close the garage door in all kinds of weather. They did not enjoy it, so when the overhead door and electric opener arrived, they embraced it. It's now a $1.5 billion consumer product category."
StoLyft has the same massive potential with 650,000 annual new homes and the 70 million existing homes with an attic above the home or garage. Stoaway could become a whole new American industry.
Garrett Reese, Stoaway's chief financial officer, explained, "Future sales in the next one to six years could grow from 400 to 32,000 units with revenue in year six of $256 million, with EBITDA of over 25 percent."
Johnson adds, "With two United States patents pending and utility patents granted in the U.S. and five other countries, StoLyft has valuable intellectual property protection for the next 20 years."
The company is based out of North Carolina because their management team resides in the state. David Steele, Stoaway's chief engineer, said, "We have developed a unique two-year apprenticeship program for high school graduates that will qualify them as certified assembly technicians. It has been approved by one of North Carolina's leading technical colleges. Long-term, by year seven, we anticipate employing 345 qualified technicians at a salary of $60,000."
"Stoaway is fully developed and ready to launch so now is the time for volume production and sales," said Johnson. "We started raising capital for our 2019 seed production run in late November 2018 with a corporate crowdfunding target of $2 million. We created a Fundable campaign and had already raised $100,000."
He adds, "In 2020 we are prepared to locate our 50,000 sq. ft. volume production facility anywhere in the Carolinas. We are positioned to strategically partner with any interested city, county or state officials."
The company aims to be fully funded through their campaign and put an end of the dangerous Christmas attic climb forever. The StoLyft is currently available in three sizes, including for eight, nine, and ten-foot residential room heights. Customers can also choose the lift in Carolina Blue, Racing Red, and Gunmetal Grey.
About The Stoaway Company
The Stoaway Company has created the innovative StoLyft, making attic accessibility, safer and more convenient for homeowners. For more information about the company and their attic lift, visit Stolyft.com.
Phone: 704 928 5695
Phone: 704 657 2328
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SOURCE The Stoaway Company