Grapefruit Boulevard Investments (OTCQB: IGNG), a Los Angeles based company and wholly-owned subsidiary of Imaging3, Inc. (OTCQB: IGNG), today issued comments from Grapefruit/Imaging3 CEO Bradley J. Yourist concerning IGNG’s recently filed quarterly report on Form 10-Q and Amendments 1 and 2 thereto. “Since our last public statement much of our corporate energy has been absorbed by our efforts to complete the Grapefruit audit which for a variety of reasons has taken much longer to complete than we had previously anticipated. One result of this state of affairs has been to put significant time pressure on our CFO, his accounting staff and our entire management team such that with respect to our 09/30/2019 10-Q, an early draft of that report with blank spaces left in the Management’s Discussion and Analysis of Financial Condition and Results of Operations and containing other errors was edgarized and filed with SEC on Tuesday, November 19, 2019 as opposed to the to the then final draft,” Yourist stated in the news release. “As soon as management became aware of that state of affairs, they caused an updated iteration of the Company’s third quarter report to be edgarized and filed with the SEC on November 20, 2019 which iteration addressed the majority of the errors present in the November 19, 2019 filing. Thereafter the Company’s CFO and management performed a review of the November 20, 2019 Amendment No. 1 to the November 19, 2019 filing and determined that an additional Amendment was appropriate. Today, the Company has filed Amendment No. 2 to the Company’s November 19, 2019 10-Q filing. We will issue a detailed press release updating earlier releases and concerning the Company’s audit and the progress of our business in the very near future.”
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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 www.GrapefruitBlvd.com.
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