Los Angeles/Desert Hot Springs, CA, Aug. 15, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc./Grapefruit (OTCQB:IGNG), (“Grapefruit” or the “Company”) filed its quarterly report on Form 10-Q with the SEC yesterday. Due to delays in the final closing of the reverse acquisition of IGNG by Grapefruit which, as a result of such delays, did not occur until after the end of the second quarter, IGNG’s report did not reflect any of the financial results of Grapefruit’s operations. Grapefruit’s results of operation will begin to be reflected in the Pro Forma Consolidated Financial Statements which will be included in both its “Super 8-K” filing and the first Amendment to its registration statement on Form S-1 which was filed on July 24, 2019, both of which are expected to be filed with the SEC around September 15, 2019. Of course the Company’s third quarter report on Form 10-Q for the period ended September 30, 2019, which will be the consolidated Companies’ first joint periodic report will be filed on or before November 14, 2019. Bradley J. Yourist, IGNG/Grapefruit CEO stated, “ We were very pleased that this first periodic SEC filing on our watch was performed in a timely fashion without resort to an extension as had been the case for the Company’s previous eight quarters. We believe this is a relatively minor but emphatic illustration of the fact that Grapefruit has successfully morphed from an undercapitalized medical device company to a fully licensed, compliant vibrant, revenue producing participant in an industry undergoing significant evolution and growth in real time. Yet another box checked, as Grapefruit moves forward.”
Additionally, on Tuesday August 13, 2019, IGNG Grapefruit reapplied to OTCMarkets to maintain its OTCQB listing as is required by OTCMarkets rules when an OTCQB listed firm undergoes a change in control as was the case here. In connection with that application, Grapefruit informed the OTCMarkets staff that it would be applying to FINRA to change the name of the Delaware parent company from Imaging3, Inc. to Grapefruit USA, Inc. which name has been reserved at the Delaware Secretary of State. The Company also informed OTCMarkets that it will seeking a ticker symbol change from IGNG to one of the following three choices in descending order “GUSA”, “GRAP”, “GRPE”. The Company will apply for approval of these corporate actions from FINRA next week. Bradley Yourist continued “We believe this corporate name and ticker symbol change will greatly accelerate establishment of our own identity as we decisively disassociate Grapefruit from the Company’s past. We also believe the new corporate name and ticker symbol chosen will operate with powerful synergy to fuse our brand name with our corporate identity as many great American Companies have done prior to us. Grapefruit’s launch is upon us.”
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 cannabis and CBD product Company. To obtain further information on Grapefruit and its operations, please visit its website at https://grapefruitblvd.com/. To learn more about Grapefruit’s Sugar Stoned branded line of cannabis and CBD infused edibles, please visit us at https://sugarstoned.com/.
Safe Harbor Statement
Imaging3 cautions you that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the company and are subject to a number of risks and uncertainties inherent in the Imaging3’s business, including, without limitation: the company may not ever obtain FDA approval for any of its devices; the company may not be able to secure the funds necessary to support its product development plans; and the company may not ever achieve the market success to sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger imaging companies, technological obsolescence, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Imaging3 and the risk factors that may affect the realization of forward-looking statements is set forth in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and its Quarterly Report on Form 10-Q. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Imaging3 undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.