Imaging3, Inc./Grapefruit Announces Closing of the Second Auctus Tranche of $1,400,000 of New Working Capital for Grapefruit.


Los Angeles/Desert Hot Springs, CA, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc./Grapefruit (OTCQB:IGNG), (“Grapefruit” or the “Company”) today announces that on Friday August 16 it received $1,400,000 of working capital from the closing of the second tranche of its previously announced Stock Purchase Agreement (“SPA”) with Auctus Fund, LLC. The payment of the second tranche was triggered by the Company’s timely filing of its registration statement on Form S-1 with the SEC on July 25, 2019. The next tranche of $1,000,000.00 will be payable upon the effectiveness of that registration statement expected by Grapefruit to be received in October of 2019.

Bradley J. Yourist, IGNG/Grapefruit CEO stated, “Once again Grapefruit executed its plan in a timely fashion, filing the registration statement and receiving the new capital infusion just subsequent to finalizing the IGNG/Grapefruit reorganization as envisioned. Another box checked. This cash infusion comes at a critical moment as it will allow us ramp up revenue generating operations in four areas immediately. Firstly, the capital will provide funds to immediately purchase new laboratory distillation equipment which will quickly increase our distillate or “honey oil” production capabilities at the Desert Hot Springs extraction facility by threefold. Secondly, it provides capital to purchase additional high quality cannabis flowers and trim to feed the extraction operation. Thirdly, this capital affords us the ability to immediately redouble our highly profitable wholesale cannabis and hemp trading operations. Fourthly, this capital will allow us to increase our marketing and brand awareness efforts in both traditional electronic and social media channels. This capital allows Grapefruit to “put the pedal to the medal” in these critical areas at exactly the right moment”.

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 onForm 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/