Business
Imaging3, Inc./Grapefruit Announces Filing of Registration Statement
Imaging3, Inc./Grapefruit Announces Filing of Registration Statement.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\nLos Angeles/Desert Hot Springs, CA, July 29, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc./Grapefruit (OTCQB:IGNG), (“Grapefruit” or the “Company”) announces that on Friday July 26, 2019 the Company filed a registration statement on Form S-1 with the SEC to register shares of the Company’s common stock underlying the $600,000.00 convertible note recently issued by the Company to an institutional investor (the “Investor”), as well as other securities to be issued to the Investor. Pursuant to the terms of the recently announced Securities Purchase Agreement between the Investor and the Company, the Investor is obligated to fund the second tranche of $1,400,000.00 (the “Second Tranche”) now that the registration statement has been filed with the SEC. The Company expects the Second Tranche to be funded this week, upon completion and execution of documents defining final terms of the Second Tranche. Bradley J. Yourist, IGNG/Grapefruit CEO stated, “ The filing of the registration statement is the timely achievement of yet another publicly stated goal of the Company. Moreover, the infusion of an additional $1,400,000.00 of capital will allow IGNG/Grapefruit to, as expeditiously as possible, exploit significant revenue opportunities available to it and to move forward with its business plan as we move inexorably toward our goal of becoming the leading fully integrated, licensed and compliant cannabis product manufacturing and distribution company. We are pleased that another important box has been checked on time. ”\n 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, located on the extension of North Canyon Rd., approximately 10 miles north of downtown Palm Springs. Grapefruit obtained its California cannabis licenses in January of 2018 and commenced distribution of cannabis products thereafter. Grapefruit’s vision is to become a seed to sale, fully vertically integrated ethical and compliant ...