Grapefruit USA Inc (GPFT)

[BuyOnDips]

Anyone see this. IMGG gets to pay for Cranshire Legal Fees from the latest suit! From the 8K

Item 8.01 Other Events.



On April 2, 2012, the Circuit Court of Cook County, Illinois, Chancery Division, approved the claims exchange agreement entered into on March 28, 2012 between Imaging3, Inc., a California corporation (the “Company”), and Cranshire Capital, L.P., an Illinois limited partnership (the “Claims Exchange Agreement”) in connection with the lawsuit entitled Cranshire Capital, L.P., an Illinois Limited Partnership, vs. Imaging3, Inc., a California Corporation, Case No. 11CH40508.


As previously disclosed in our recent Report on Form 8-K, dated March 28, 2012, pursuant to the Claims Exchange Agreement, we have agreed, as part of the consideration for dismissal of the pending lawsuit with prejudice and a mutual release of all claims, to issue 6,365,741 shares of our common stock to Cranshire pursuant to Section 3(a) (10) of the Securities Act of 1933, as amended, as reimbursement of Cranshire’s legal fees and costs. The shares are being delivered to Cranshire in accordance with the terms of the Claims Exchange Agreement, the releases will become effective and the action will be dismissed with prejudice.