Los Angeles/Desert Hot Springs, CA, July 29, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc./Grapefruit (OTCQB:IGNG), (“Grapefruit” or the “Company”) announces that on Friday July 26, 2019 the Company filed a registration statement on Form S-1 with the SEC to register shares of the Company’s common stock underlying the $600,000.00 convertible note recently issued by the Company to an institutional investor (the “Investor”), as well as other securities to be issued to the Investor. Pursuant to the terms of the recently announced Securities Purchase Agreement between the Investor and the Company, the Investor is obligated to fund the second tranche of $1,400,000.00 (the “Second Tranche”) now that the registration statement has been filed with the SEC. The Company expects the Second Tranche to be funded this week, upon completion and execution of documents defining final terms of the Second Tranche. Bradley J. Yourist, IGNG/Grapefruit CEO stated, “ The filing of the registration statement is the timely achievement of yet another publicly stated goal of the Company. Moreover, the infusion of an additional $1,400,000.00 of capital will allow IGNG/Grapefruit to, as expeditiously as possible, exploit significant revenue opportunities available to it and to move forward with its business plan as we move inexorably toward our goal of becoming the leading fully integrated, licensed and compliant cannabis product manufacturing and distribution company. We are pleased that another important box has been checked on time. ”
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 the Imaging3’s business, including, without limitation: the company may not ever obtain FDA approval for any of its devices; the company may not be able to secure the funds necessary to support its product development plans; and the company may not ever achieve the market success to sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger imaging companies, technological obsolescence, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Imaging3 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 Report on Form 10-Q. 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 Imaging3 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/