Business
Imaging3’s New CEO Provides end-of-year Company Update
Imaging3’s New CEO Provides end-of-year Company Update.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\n\n BURBANK, Calif., Dec. 22, 2017 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG), a development stage company targeting disruptive technologies in the medical imaging industry, is finishing a transformative 2017 year and is now positioned to pursue FDA approval for its lead product, the Dominion SmartScan™.\n Most recently, the company announced the appointment of John Hollister as CEO and chairman of the board, topping off a year filled with important milestones.  Mr. Hollister commented, “A number of people and firms have worked diligently for several years to bring Imaging3 and its technology out of a financial and legal quagmire.  We are now positioned to recruit all the staff, board members, and advisors necessary to complete the regulatory filings and development work required to bring our proprietary, innovative technology to healthcare providers and their patients.” To recap additional events in 2017: On January 17, the company announced that it had closed a financing arrangement with five debtholders with an aggregate balance of about $770,000, whereby the related notes could be forced to convert to equity upon certain triggering events. In connection with a subsequent third-party financing, the maturity date of the related notes was pushed back to May 23, 2018. On February 1, the Company announced that, on January 31, 2017, the United States Bankruptcy Judge for the Central District of California granted the company’s unopposed motion for entry of final decree.  As a result, the Imaging3 Chapter 11 proceeding was closed.   On July 27, the company announced that it had successfully concluded the three-year term of certain mandatory self-remediation measures required by the SEC in connection with the consent agreement by and between the Company and the SEC executed on July 25, 2014. On November 17, the company filed an 8K reporting that our shareholders approved (i) a change in the company’s state of incorporation from California to Delaware and (ii) a reverse split of all the outstanding shares of common stock at a ratio of not less than 1 for 8 and not greater than 1 for 30. Today the Company  advised FINRA that it is moving forward with a 1:20 reverse split, which will make Imaging3 more attractive to fundamental investors. Continued Mr. Hollister, “The r...