Grapefruit Boulevard Investments Enters into Strategic Distribution Relationship
Reverse Acquisition of Imaging3 Nearing Completion
Burbank, CA, May 23, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG), (“IGNG”) or (the “Company”), a development stage company focused on the introduction of disruptive technologies in the medical imaging industry, is further updating its prior announcements regarding its reverse acquisition (the “Acquisition”) by Grapefruit Boulevard Investments, Inc. (’GBI” or “Grapefruit”) a privately held Los Angeles based cannabis company and simultaneous vending of its imaging business into a privately held corporation which will be partially owned by post - Acquisition IGNG.
On May 21, 2019, Grapefruit Boulevard Investments, Inc. entered into a strategic distribution and logistics agreement with a Northern California distribution company. This strategic relationship will provide the Company with statewide reach and afford it the logistics to both distribute and retail its manufactured cannabis infused products, including, Grapefruit’s own ‘Sugar Stoned’ branded line of infused gummies to over 400 licensed retail dispensaries in the State of California.
Bradley J. Yourist, CEO stated, “Grapefruit has been searching for a professional, compliant and strategic distribution and logistics relationship for some time now to effectuate our Company’s plan to expand our market reach for our manufactured products, including our cannabis infused edible lines. Well, our search is over because we just entered into a distribution and logistics agreement with a leading Northern California-based distribution company. The agreement provides Grapefruit with solid logistics in order to deliver our products efficiently and timely to the over 400 plus licensed retail cannabis dispensaries in our great state. Grapefruit is now well positioned to expand on its infused cannabis product offerings with the knowledge that the logistical challenges associated with product expansion will be mitigated so that we can focus on the business of creating the amazing, high quality and compliant products our customers demand.”
John Hollister, Imaging3 CEO added, “As Grapefruit moves steadily forward with its business expansion activities with as articulated above, IGNG’s management is working closely with the Company’s bankers and counsel on a daily basis to finalize the financing and Acquisition documents. While we expect to finish drafting the final documentation of the Acquisition and investment this week, the actual closing and announcement of those events, may not occur until after the Memorial Day Holiday.”
Potential investors in IGNG’s common shares are cautioned that there can be no assurances that the reverse acquisition of IGNG by GBI will ever be closed and that even if it is, there can be no assurance that the Company will thereafter be able to obtain the financing necessary to achieve its articulated goals and further that even if such financing is obtained that it will be sufficient for the Company to achieve its ultimate goals or to even remain in business.
About Imaging3, Inc.
Imaging3, Inc., founded in 1993, has developed a patented medical imaging technology, called the Dominion SmartScan™, that produces 3D X-ray images, effectively in real time. The SmartScan technology has the potential to allow healthcare professionals to perform diagnostic and therapeutic procedures more quickly and accurately, which may result in higher throughput for the clinicians and fewer safety risks for patients. Imaging3’s technology exposes patients to less harmful radiation than current equivalent imaging technologies such as CT scans. The company believes this will allow scans to be used in many settings where scanning is currently limited by concerns about radiation exposure. The technology also notably allows for reasonably convenient portability, easier installation and use-readiness, and a significantly reduced cost burden suitable for novel settings and for healthcare systems across varied global settings. Imaging3 plans to submit a 510(k) application to FDA during 2019 and or 2020 to gain marketing authorization for initial applications for the SmartScan technology. Visit the company’s website at http://www.imaging3.com for detailed information about the company’s technology.
Grapefruit is based in Westwood, Los Angeles, California. Grapefruit holds California licenses to both manufacture and distribute cannabis products and is fully compliant with all applicable laws and regulations to operate such business. Grapefruit has its extraction facility located in the 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 the center of Palm Springs. Grapefruit obtained its California licenses in January of 2018 and commenced distribution of cannabis products in 2018. Grapefruit’s goal is to become a seed to sale vertically integrated fully compliant cannabis and CBD product Company. To obtain further information on Grapefruit’s California cannabis licenses and its business plan and operations, please visit its website at http://grapefruitblvd.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:John HollisterChief Executive Officer email@example.com