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Los Angeles/Desert Hot Springs, CA, Dec. 02, 2019 (GLOBE NEWSWIRE) — Grapefruit Boulevard Investments, Inc. (“GBI”) a Los Angeles primarily based California corporation and wholly owned subsidiary of Imaging3, Inc., a Delaware corporation (“IGNG”) (OTCQB: IGNG) (collectively “Grapefruit” or the “Company”) is announcing that on Friday November 29, 2019 the Business filed Amendment No. 1 to its present report on Type eight-K which was initially filed on July 16, 2019 which Amendment consists of GBI’s audited balance sheets as of April 30, 2019 and 2018 and the connected statements of operations, alterations in stockholder’s (deficit) equity and money flows for period August 28, 2017 (inception) to April 30, 2018, the year ended April 30, 2019 and the connected notes to the monetary statements. (collectively, the Economic Statements) and the Unaudited Pro Forma Combined Economic Information and facts consisting of the unaudited combined balance sheet and statement of operations of GBI and IGNG (collectively, the Pro Forma Economic Statements). Such an Amendment to a present type on eight-K announcing a reorganization transaction is generally referred to as a “Super eight-K”. The Economic Statements and the Pro Forma Economic Statements have been ready by GBI’s Independent Auditor, SingerLewak LLP.
With respect to the completion of the GBI audit and the filing of the eight-K Amendment, Bradley J.Yourist, Grapefruit CEO, stated, “We are particularly grateful to SingerLewak and its group for their professionalism and dedication in conducting our initial audit which enabled us to file our Super eight-K. We also acknowledge the efforts of the complete Grapefruit family members, without the need of whose unwavering assistance this Business milestone could not have been accomplished. Now that we have effectively completed the difficult process of preparing for and finishing the audit of GBI, we will concentrate our corporate power on our target of constructing Grapefruit into a publically traded, completely compliant cannabis business holding each manufacturing and distribution licenses issued by California with cultivation, manufacturing, distribution and retail channels.
With the GBI audit completed and the eight-K/A filed, we will instantly make the FINRA filings important to impact our name and ticker symbol alterations, and file all important Amendments to our Registration Statement on Type S-1 initially filed with the SEC on July 26, 2019 which will incorporate the audited Economic Statements. SingerLewak has consented to the inclusion of the audited Economic Statements in Amendment No. 1 of the Registration Statement.”
Yourist continued, “With respect to Grapefruit’s ongoing operations, we will continue to ramp up our wholesale cannabis distribution activities which, as was disclosed in Amendment No. two to our quarterly report on Type 10-Q for the period ended September 30, 2019, have been temporarily placed on hold in late March 2019 in order to insure that the money management protocols we have been applying at the time have been compliant and auditable and then resumed in early September 2019 as soon as we have been confident that the money management protocols have been compliant, which must outcome in an raise in revenues for the fourth calendar quarter of 2019 and beyond. We have also resumed the operation of our ethanol extraction laboratory which converts clean and tested cannabis “trim” or “biomass” into income producing cannabis crude oil. We have continued, all through the GBI audit period to examine the acquisition of licensed dispensaries. We also continue to create our “Sugar Stoned” and “Rainbow Dreams” lines of THC edibles and other cannabis items. Lastly, but surely not of least value, we continue to move forward with improvement of our patented THC “patchless patch” which is capable to provide a defined dose of THC to our consumers more than an extended period of time. We think this “time release THC” solution will be disruptive to each the recreational and health-related THC markets. In California, we can load up to 1000mg of THC in a single “patchless patch” for consumers that may possibly have to have a bigger dose to ease the suffering triggered by a terminal illness or other chronic aliment. Management believes that gradual industry acceptance of Grapefruit’s one of a kind, patented “patchless patch” mechanism has the prospective to drive substantial income development in the close to future.
Yourist went on to state, “to summarize, we created a conscious corporate choice to concentrate our efforts from April to now to total the IGNG/Grapefruit reverse acquisition, finalize the 1st two tranches of the Auctus financing and total the GBI audit and the Super eight-K. After once more, we have effectively completed our 3 defined missions. Now we move on to acquiring our Registration Statement successful, finishing the $10,000,000.00 Auctus funding and developing the business enterprise and concomitantly ramping up revenues. We continue our inexorable march forward to present rising Business worth to our shareholders.”
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 each manufacture and distribute cannabis items. Grapefruit’s extraction laboratory and distribution facilities are situated in the business recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Company Park in Desert Hot Springs, situated on the extension of North Canyon Rd., about 14 miles north of downtown Palm Springs. Grapefruit obtained its California cannabis licenses in January 2018 and commenced distribution of cannabis items thereafter. Grapefruit’s vision is to turn out to be a seed to sale, completely vertically integrated ethical and compliant cannabis solution Business. To get additional facts on Grapefruit and its operations, please check out its internet site at https://grapefruitblvd.com/. To study far more about Grapefruit’s Sugar Stoned branded line of cannabis and CBD infused edibles, please check out us at https://sugarstoned.com/.
Protected Harbor StatementImaging3 cautions you that any statement incorporated in this press release that is not a description of historical details is a forward-hunting statement. A lot of of these forward-hunting statements include the words “anticipate,” “think,” “estimate,” “may possibly” “intend,” “anticipate” and comparable expressions. Actual benefits, functionality or achievements could differ materially from these contemplated, expressed or implied by the forward-hunting statements contained herein. These forward-hunting statements are primarily based largely on the expectations of the business and are topic to a quantity of dangers and uncertainties inherent in Grapefruit’s business enterprise, such as, without the need of limitation: the business may possibly not ever get further funds important to assistance its business enterprise improvement and development plans and the business may possibly not ever attain the industry good results to attain or sustain a lucrative business enterprise. In addition, there are dangers and uncertainties connected to financial recession or terrorist actions, competitors from considerably bigger cannabis organizations, unexpected charges and delays, prospective solution liability claims, and quite a few other things. Extra detailed facts about Grapefruit and the danger things that may possibly influence the realization of forward-hunting statements is set forth in the Company’s filings with the Securities and Exchange Commission, such as the company’s Annual Report on Type 10-K, its Quarterly Reports on Type 10-Q for the period ended June 30, 2019 and its Registration Statement on Type S-1. Such documents may possibly be study no cost of charge on the SEC’s internet site at www.sec.gov. You are cautioned not to location undue reliance on these forward-hunting statements, which speak only as of the date hereof. All forward-hunting statements are certified in their entirety by this cautionary statement, and Grapefruit undertakes no obligation to revise or update this press release to reflect events or situations following the date hereof. This caution is created below the protected harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Investor Relations Make contact with: Bradley Yourist [email protected] 18776 Blue Dream Crossing, Unit LL1 53-07 Desert Hot Springs, California 92240 (760) 205-1382 https://grapefruitblvd.com/
Supply: Imaging3, Inc.