$IGNG NEWS! Grapefruit Boulevard Investments Enters into Strategic Distribution Relationship
7:45 AM ET 5/23/19 | GlobeNewswire
Grapefruit Boulevard Investments Enters into Strategic Distribution Relationship
Reverse Acquisition of Imaging3 Nearing Completion
Burbank, CA, May 23, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG), ("IGNG") or (the "Company"), a development stage company focused on the introduction of disruptive technologies in the medical imaging industry, is further updating its prior announcements regarding its reverse acquisition (the "Acquisition") by Grapefruit Boulevard Investments, Inc. ('GBI" or "Grapefruit") a privately held Los Angeles based cannabis company and simultaneous vending of its imaging business into a privately held corporation which will be partially owned by post - Acquisition IGNG.
On May 21, 2019, Grapefruit Boulevard Investments, Inc. entered into a strategic distribution and logistics agreement with a Northern California distribution company. This strategic relationship will provide the Company with statewide reach and afford it the logistics to both distribute and retail its manufactured cannabis infused products, including, Grapefruit's own 'Sugar Stoned' branded line of infused gummies to over 400 licensed retail dispensaries in the State of California.
Bradley J. Yourist, CEO stated, "Grapefruit has been searching for a professional, compliant and strategic distribution and logistics relationship for some time now to effectuate our Company's plan to expand our market reach for our manufactured products, including our cannabis infused edible lines. Well, our search is over because we just entered into a distribution and logistics agreement with a leading Northern California-based distribution company. The agreement provides Grapefruit with solid logistics in order to deliver our products efficiently and timely to the over 400 plus licensed retail cannabis dispensaries in our great state. Grapefruit is now well positioned to expand on its infused cannabis product offerings with the knowledge that the logistical challenges associated with product expansion will be mitigated so that we can focus on the business of creating the amazing, high quality and compliant products our customers demand."
John Hollister, Imaging3 CEO added, "As Grapefruit moves steadily forward with its business expansion activities with as articulated above, IGNG's management is working closely with the Company's bankers and counsel on a daily basis to finalize the financing and Acquisition documents. While we expect to finish drafting the final documentation of the Acquisition and investment this week, the actual closing and announcement of those events, may not occur until after the Memorial Day Holiday."
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 business.
About Imaging(3) , Inc.
Imaging3, Inc., founded in 1993, has developed a patented medical imaging technology, called the Dominion SmartScan(TM), that produces 3D X-ray images, effectively in real time. The SmartScan technology has the potential to allow healthcare professionals to perform diagnostic and therapeutic procedures more quickly and accurately, which may result in higher throughput for the clinicians and fewer safety risks for patients. Imaging(3) 's technology exposes patients to less harmful radiation than current equivalent imaging technologies such as CT scans. The company believes this will allow scans to be used in many settings where scanning is currently limited by concerns about radiation exposure. The technology also notably allows for reasonably convenient portability, easier installation and use-readiness, and a significantly reduced cost burden suitable for novel settings and for healthcare systems across varied global settings. Imaging(3) plans to submit a 510(k) application to FDA during 2019 and or 2020 to gain marketing authorization for initial applications for the SmartScan technology. Visit the company's website at www.imaging3.com for detailed information about the company's technology.
