Business
Imaging3 Update on IGNG’s 10-K Filing and Progress on the Reverse Acquisition by Grapefruit Boulevard Investments, Inc.
Imaging3 Update on IGNG’s 10-K Filing and Progress on the Reverse Acquisition by Grapefruit Boulevard Investments, Inc..
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\nBurbank, CA, April 15, 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 investors on the status of the 10-K filing for 2018 and 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 The Company will file its annual report on Form 10-K for the year ended December 31, 2018 on Tuesday April 16, 2019.  John Hollister, IGNG’s current CEO stated, “We decided to take the extension on this filing to give us additional time to ensure that any additional disclosures necessitated by our proposed transaction with  GBI were in fact included and properly presented in the Form 10-K. Our auditors concurred in this decision.” Mr. Hollister went on to state, “We made significant progress last week with respect to settlements of IGNG’s outstanding debts, which are necessary in order for us to execute the definitive share exchange agreement with GBI and thereafter close the Acquisition. I am pleased with the progress that we have made in our negotiations with all parties and am optimistic that we will finalize all of these settlements in the next few days. In the meantime cannabis oil production continues at GBI’s Desert Hot Springs extraction facility.”                     Potential investors in IGNG’s common shares are cautioned that there can be no assurances that the reverse acquisition of IGNG by GBI will ever be closed and that even if it is, there can be no assurance that the Company will thereafter be able to obtain the financing necessary to achieve its articulated goals and further that even if such financing is obtained that it will be sufficient for the Company to achieve its ultimate goals or to even remain in...