Grapefruit USA Inc (GPFT)

[Augustwd]

Grapefruit Engages Singer Lewak as its Auditor

9/4/19, 6:00 AM
Los Angeles/Desert Hot Springs, CA, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Grapefruit Boulevard Investments (“Grapefruit”), a Los Angeles based cannabis company which has been licensed by the State of California to both manufacture and distribute cannabis products in California since January 2018 has engaged Singer Lewak, LLP of Los Angeles, CA to audit its financial statements as of and for the fiscal years ended April 30, 2018 and 2019 (the “Grapefruit 2018/2019 Audits”). Grapefruit is now a wholly-owned subsidiary of Imaging3, Inc. (OTCQB: IGNG), (“IGNG” or the “Company”) as a result of the completion of Grapefruit’s reverse acquisition of IGNG which was finally closed in mid-July 2019. The Grapefruit financial statements covered by the 2018/2019 Grapefruit Audits will report the results of operations for Grapefruit for those two fiscal years from Grapefruit’s inception through April 30, 2019. Work on the Grapefruit 2018/2019 Audits has commenced and it will timely file its “Super 8-K” report which will disclose the details of the reverse acquisition, Grapefruit’s past and ongoing business and include pro forma consolidated financial statements of IGNG/Grapefruit. Grapefruit engaged Singer Lewak, LLP as management sought to obtain an auditing firm with comprehensive cannabis enterprise audit experience to serve as the Company’s ongoing auditor. Grapefruit’s results of operation will be reflected in the pro forma consolidated financial statements which will be included in both the “Super 8-K” filing and the first Amendment to IGNG’s Registration Statement on Form S-1 (the Form S-1 was filed on July 24, 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, Grapefruit CEO stated, “We are very pleased to have been approved and accepted as an audit client by Singer Lewak, LLP. With the engagement of Singer Lewak, we have attained yet another important goal in a timely fashion as we move methodically toward our overall goal of becoming a top fully integrated cannabis and hemp company”.

About GRAPEFRUIT

Grapefruit is a wholly-owned subsidiary of Imaging3, Inc. Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products. Grapefruit’s cannabis and CBD oil 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 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 Grapefruit’s business, including, without limitation: the company may not ever obtain additional funds necessary to support its business development and growth plans; and the company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Grapefruit 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, its Quarterly Reports on Form 10-Q for the period ended June 30, 2019 and its Registration Statement on Form S-1. 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 Grapefruit 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.

Investor Relations Contact:
Bradley Yourist
[e-mail]
18776 Blue Dream Crossing, Unit LL1 53-07
Desert Hot Springs, California 92240
[phone]
https://grapefruitblvd.com/