Business
Imaging3 Update on Grapefruit Boulevard Investments, Inc. Proposed reverse acquisition of Imaging3, Inc.
Imaging3 Update on Grapefruit Boulevard Investments, Inc. Proposed reverse acquisition of Imaging3, Inc..
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\nGBI Commences Extraction in Their State-of-the-Art Facilities\n Burbank, CA, April 04, 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. On Thursday, March 28, 2019, GBI commenced operation of its ethanol-based extraction laboratory at GBI’s facilities and commenced processing and manufacturing of cannabis distillate or ‘honey oil.’ This cannabis distillate or ‘honey oil’ is used in a wide variety of cannabis and hemp products, including, but not limited to, e-cigarettes or ‘vapor’ cartridges, cannabis pre-rolls and cannabis infused edibles. GBI’s Chief Executive Officer, Bradley J. Yourist, stated “GBI has achieved a significant milestone on its path to becoming a fully integrated seed to sale cannabis company. Our state-of-the-art, fully-licensed extraction laboratory is in actual operation. We are converting top quality biomass to highest quality distillate in our licensed facility. We will distribute this cannabis distillate under our California state license into the California cannabis product market. Now that we have the proven ability to legally manufacture and distribute this high quality distillate, it only remains to add additional lab units and source additional biomass to grow our revenues. We believe that our reverse acquisition of IGNG will significantly facilitate our ability to quickly obtain the financing necessary to win the race to become the preeminent fully integrated cannabis product company in California, the USA and eventually the world. Such belief is supported by the term sheets we have received from qualified investors and other inquiries we have entertained. We are very pleased that our many months of hard work and careful planning to get our laboratory approved and operational have paid-off remarkably well.” John Hollister, IGNG’s current CEO stated, “The launch of GBI’s sophisticated state-of-the-art extra...