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Imaging3, Inc. Update - Grapefruit Boulevard Investments, Inc. Confirms its Intention to Complete its Previously Announced Reverse acquisition of Imaging3, Inc.
Imaging3, Inc. Update - Grapefruit Boulevard Investments, Inc. Confirms its Intention to Complete its Previously Announced Reverse acquisition of Imaging3, Inc..
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\nEncino, CA, April 08, 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 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 a privately held Los Angeles based cannabis company.\n As originally announced by the Company on March 13, 2019 in both a current report on Form 8-K and a press release the Company entered into a non-binding letter of intent to be acquired by a California based, California licensed cannabis company subsequently identified as Grapefruit Boulevard Investments, Inc. (“GBI”) in a reverse acquisition (the “Acquisition”) which would result in post transaction IGNG being owned approximately 80% by the current shareholders of GBI and 20% by the currently existing IGNG shareholders as of the date of the Acquisition. Since that time, IGNG management, IGNG counsel and GBI management have been working toward completion of a definitive share purchase agreement (the “SPA”) by and among IGNG, GBI and GBI’s shareholders whereby the Acquisition, intended to be tax free exchange pursuant to Section 368(a)(1)(B) of the Internal Revenue Code of 1968, as amended, would be effectuated. All potential obstacles preventing execution of the SPA have been eliminated save for one, that being the settlement of a judgment held by Alpha Capital Anstalt, based in Vaduz, Lichtenstein (“Alpha”) and Brio Capital Master Fund (“Brio”) against IGNG in the aggregate amount of approximately $1,463,734 (the “Judgment”). From November 2, 2018 when John Hollister, IGNG CEO sent an email Alpha’s Yosef Milgrom with an offer to settle the Judgment through the March 13, 2019 IGNG press release referred to above Hollister and Milgrom communicated intermittently about IGNG’s plans to obtain financing and pay the judgment. After those several months of low key negotiation between the Company and Alpha, Alpha, without any notice, on March 26, 2019, after the original IGNG/GBI press release and concomitant rise in the price of IGNG’s common stock, caused Jo...