Imaging3, Inc./Grapefruit (OTCQB:IGNG) Announces Receipt of SEC Comment Letter on its Registration Statement on Form S-1 filed by Grapefruit on July 25, 2019.

Burbank, UNITED STATES


Los Angeles/Desert Hot Springs, CA, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc./Grapefruit (OTCQB:IGNG), (“Grapefruit” or the “Company”) today announces that on Wednesday August 21, 2019 it received the initial comment letter from the SEC Division of Corporation Finance. The letter consisted of 15 comments, chief of which requires the Company to file audited predecessor financial statements for Grapefruit Boulevard Investments, Inc. as well as audited pro forma financial information giving effect to the reverse acquisition. The Company intends to respond to the SEC’s comments by the third week in September. Bradley J. Yourist, IGNG/Grapefruit CEO stated, “We are pleased to receive this prompt and manageable response from the SEC Staff and look forward to responding as promptly as possible and to timely provide the public with all relevant disclosure concerning Grapefruit. We continue to execute our plan in a timely fashion.”

About GBI

Grapefruit’s corporate headquarters is located in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products. Grapefruit’s cannabis and CBD extraction laboratory and distribution facilities are located in the industry–recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, located on the extension of North Canyon Rd., approximately 10 miles north of downtown Palm Springs. Grapefruit obtained its California cannabis licenses in January of 2018 and commenced distribution of cannabis products thereafter. Grapefruit’s vision is to become a seed to sale, fully vertically integrated ethical and compliant cannabis and CBD product Company. To obtain further information on Grapefruit and its operations, please visit its website at https://grapefruitblvd.com/. To learn more about Grapefruit’s Sugar Stoned branded line of cannabis and CBD infused edibles, please visit us at https://sugarstoned.com/.

Safe Harbor Statement

Imaging3 cautions you that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the company and are subject to a number of risks and uncertainties inherent in Grapefruit’s business, including, without limitation: the company may not ever obtain additional funds necessary to support its business development and growth plans; and the company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Grapefruit and the risk factors that may affect the realization of forward-looking statements is set forth in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and its registration statement on Form S-1. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Grapefruit undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.

Investor Relations Contact:
Bradley Yourist
brad@grapefruitblvd.com
18776 Blue Dream Crossing, Unit LL1 53-07
Desert Hot Springs, California 92240
(760) 205-1382
https://grapefruitblvd.com/