Los Angeles/Desert Hot Springs, CA, Dec. 16, 2019 (GLOBE NEWSWIRE) -- Grapefruit Boulevard Investments, Inc. (“GBI”) a Los Angeles based California corporation and wholly owned subsidiary of Imaging3, Inc. (“IGNG”) (OTCQB: IGNG) (collectively “Grapefruit” or the “Company”) is announcing that on Monday, December 16, 2019 the Company filed with the Financial Industry Regulatory Authority (“FINRA”) to change the Company’s Corporate Name to Grapefruit USA, Inc., and Stock Ticker symbol to “GUSA”, “GPRE”, “GPFT” or such other Ticker symbol as FINRA and Grapefruit may agree.

With respect to the Company’s application to change its corporate name and stock ticker symbol, Grapefruit CEO, Bradley J. Yourist stated, “Now that Grapefruit’s audit is complete and IGNG’s Super 8K has been filed, we are pleased to take this final step to formalize our transition from a development stage medical device company to a fully compliant, California licensed revenue producing cannabis company. Our new corporate name reinforces our strong brand and the new ticker symbol emphasizes our departure from the Company’s past. These changes cement our new corporate identity and unite it with our strong brand. The Grapefruit team embraces this departure from the past and transition to an unlimited dynamic growth future for the Company and its shareholders.”

Mr. Yourist continued: “We anticipate the name and ticker change to be completed by year-end. Our progress has been steady in this quarter as we have completed the audit and Super 8-K, revenues have restarted and we will file Amendment number 1 to Grapefruit’s Registration Statement on Form S-1 in December.

Finally, and perhaps most significantly, after the Holidays, Grapefruit will launch its unique, patented, potentially disruptive THC infused time-release patch-less patch designed for both the both the medical and recreational cannabis markets in California and beyond. Based on our research, we believe there currently is no competition for this product. In 2020, we will be focused on growing Grapefruit’s market capitalization through well-vetted and efficient new product launches and existing product expansions, increasing our extraction laboratory volume and efficiencies, increased distribution volumes and strategic acquisitions. We look forward to 2020 with continued resolve to achieve our long stated commitment to make Grapefruit a leading vertically integrated, ethical and compliant cannabis product company”.

About GRAPEFRUIT

Grapefruit is a wholly-owned subsidiary of Imaging3, Inc. Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products. Grapefruit’s 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 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 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, its Quarterly Reports on Form 10-Q for the period ended June 30, 2019 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/