Business
Imaging3, Inc./Grapefruit Announces Closing of the Second Auctus Tranche of $1,400,000 of New Working Capital for Grapefruit.
Imaging3, Inc./Grapefruit Announces Closing of the Second Auctus Tranche of $1,400,000 of New Working Capital for Grapefruit..
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\n Los Angeles/Desert Hot Springs, CA, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc./Grapefruit (OTCQB:IGNG), (“Grapefruit” or the “Company”) today announces that on Friday August 16 it received $1,400,000 of working capital from the closing of the second tranche of its previously announced Stock Purchase Agreement (“SPA”) with Auctus Fund, LLC. The payment of the second tranche was triggered by the Company’s timely filing of its registration statement on Form S-1 with the SEC on July 25, 2019. The next tranche of $1,000,000.00 will be payable upon the effectiveness of that registration statement expected by Grapefruit to be received in October of 2019. Bradley J. Yourist, IGNG/Grapefruit CEO stated, “Once again Grapefruit executed its plan in a timely fashion, filing the registration statement and receiving the new capital infusion just subsequent to finalizing the IGNG/Grapefruit reorganization as envisioned. Another box checked. This cash infusion comes at a critical moment as it will allow us ramp up revenue generating operations in four areas immediately. Firstly, the capital will provide funds to immediately purchase new laboratory distillation equipment which will quickly increase our distillate or “honey oil” production capabilities at the Desert Hot Springs extraction facility by threefold. Secondly, it provides capital to purchase additional high quality cannabis flowers and trim to feed the extraction operation. Thirdly, this capital affords us the ability to immediately redouble our highly profitable wholesale cannabis and hemp trading operations. Fourthly, this capital will allow us to increase our marketing and brand awareness efforts in both traditional electronic and social media channels. This capital allows Grapefruit to “put the pedal to the medal” in these critical areas at exactly the right moment”. About GBI Grapefruit’s corporate headquarters is located in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products. Grapefruit’s cannabis and CBD extraction laboratory and distribution facilities are located in the industry–recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, loca...