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Imaging3 Announces Closing of the Company’s Bankruptcy Proceeding

Burbank, CA, February 7, 2017 (GlobeNewswire): Imaging3, Inc. [OTCQB:IGNG] announced that, on January 31 2017, United States Bankruptcy Judge for the Central District of California, Neil Bason, granted the company’s unopposed motion for entry of final decree and also granted approval of the two stipulations regarding payment of court-approved fees. As a result, the Imaging3 Chapter 11 proceeding is now closed—the company is no longer subject to the jurisdiction of the Bankruptcy Court, and the case cannot be converted to a Chapter 7 proceeding.

Stated Dane Medley, president: “I would like to thank our noteholders, our vendors, and all the financial and legal advisors who worked tirelessly throughout this process. We are now poised to capitalize on the promising opportunities that lie ahead for Imaging3.”

Scott Pancoast, consultant to the company, said, “Dane Medley has shepherded Imaging3 through an extremely difficult process these last few years. His leadership and courage, along with the patience and support from many stakeholders, culminated in this successful outcome. “

He continued, “One month ago, Imaging3 was a company mired in bankruptcy, with twelve notes in default and an additional $1.5 million owed to various vendors. It has since restructured its notes, stretched out much of the vendor debt over three years, and negotiated down (or paid off) the remainder vendor debt….and is now clear of the bankruptcy and all the related constraints. This is an extraordinary