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Imaging3 Further Update on Grapefruit Boulevard Investments, Inc. Proposed Reverse Acquisition of Imaging3, Inc.: progress in debt conversion negotiations; meeting between IGNG Auditors and Grapefruit Boulevard Investments, Inc.
Imaging3 Further Update on Grapefruit Boulevard Investments, Inc. Proposed Reverse Acquisition of Imaging3, Inc.: progress in debt conversion negotiations; meeting between IGNG Auditors and Grapefruit Boulevard Investments, Inc..
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\nBurbank, CA, April 01, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG), (“Imaging3” or the “Company”), a development stage company focused on the introduction of disruptive technologies in the medical imaging industry, is further updating its prior announcement regarding the execution of a non-binding letter of intent (“LOI”) to be acquired in a reverse acquisition (the “Acquisition”) by Grapefruit Boulevard Investments, Inc. (‘GBI”) a privately held Los Angeles based cannabis company and simultaneously vend its imaging business into a privately held corporation which will be partially owned by post - Acquisition IGNG .\n Two significant events took place on Thursday March 28 and Friday March 29, 2019. First, IGNG transmitted a basic settlement offer to Alpha Capital Anstalt (“Alpha”) and Brio Capital Master Fund, Ltd. (‘Brio”) calling for the payment to each of Alpha and Brio of $100,000.00 cash at closing and the remainder of $709,402.00 to Alpha and $576,339.00 to Brio in common shares of IGNG at a fixed price. While the final conversion price is subject to further negotiations between the parties, management believes the fact that Alpha and Brio agreed to accept a fixed price conversion as opposed to a variable conversion price based on a discount to the then current market price for a given pricing period ( a “Variable Conversion Price”) is a significant step forward, since both Alpha and Brio had previously always insisted on a Variable Conversion Price for the outstanding debt in negotiations concerning settlement of IGNG’s debt to Alpha and Brio. Second, on Thursday March 28, 2019, the Yourist brothers, the founders and managers of GBI met with senior personnel of Rose, Snyder and Jacobs, CPAs, (“RSJ”), IGNG’s auditor, to discuss the Acquisition and the audit of GBI for the pro forma consolidated financial statements of GBI and IGNG, which are required to be filed with the SEC on or before the 75th day after the closing of the Acquisition. At the conclusion of the meeting, the parties agreed that completion of the pro forma consolidated audited financial statements of IGN/GBI could be achieved within the proscribed 75 day period. John Hollister, IGNG’s current CEO stated, “We believe ...