Victoria Lake Inc. (LVCA)

[IBB-99]

Imaging3 Update on Execution of Letter of Intent for Reverse Acquisition by Grapefruit Boulevard Investments, Inc.

March 18, 2019 06:15 ET | Source: Imaging3, Inc.

Burbank, CA, March 18, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG, “Imaging3” or the “Company”), a development stage company introducing disruptive technologies in the medical imaging industry, is updating and clarifying last week’s announcement that it has executed 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. The firm (identified as the Acquirer in the earlier announcement) is Grapefruit Boulevard Investments, Inc. (“GBI”) based in Westwood, Los Angeles, California. GBI holds California licenses to both manufacture and distribute cannabis products and is fully compliant with all applicable laws and regulations to operate such business. GBI has its extraction facility located in the 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 the center of Palm Springs. GBI obtained its California licenses in January of 2018 and commenced distribution of cannabis products in June of 2018. GBI’s goal is to become a seed to sale vertically integrated fully compliant cannabis and CBD product Company. As previously announced, on Thursday, March 7, GBI obtained its final permit and clearance from the Desert Hot Springs fire department to commence operation of an ethanol-based extraction laboratory at its facilities. As an update to the previous announcement, GBI intends to commence extraction operations the week of March 25, 2019.


As previously announced, pursuant to the terms of the LOI, the Company and GBI have initiated negotiations intended to result in completion and execution of a definitive equity exchange agreement (the “Agreement”) defining all of the material terms of the Acquisition on or before March 31, 2019. Per the LOI, the Agreement shall provide that upon conclusion of the Acquisition, GBI’s designees shall own 80% of the then outstanding common shares of the Company and the Company’s current shareholders shall own 20% of such outstanding common shares...

https://www.globenewswire.com/news-release/2019/03/18/1756146/0/en/Imaging3-Update-on-Execution-of-Letter-of-Intent-for-Reverse-Acquisition-by-Grapefruit-Boulevard-Investments-Inc.html