California-based Grapefruit Boulevard Investments, a wholly owned subsidiary of Imaging3 (OTCQB: IGNG), this morning announced that on July 26, 2019, it filed a registration statement with the SEC on Form S-1 to register shares of the company’s common stock underlying the $600,000.00 convertible note recently issued to an institutional investor, as well as other securities to be issued to the investor. Now that the registration statement has been filed, the investor is required to fund the second tranche of $1,400,000 in accordance with the terms of the securities purchase agreement. Grapefruit anticipates the second tranche will be funded this week. “The filing of the registration statement is the timely achievement of yet another publicly stated goal of the company. Moreover, the infusion of an additional $1,400,000.00 of capital will allow IGNG/Grapefruit to, as expeditiously as possible, exploit significant revenue opportunities available to it and to move forward with its business plan as we move inexorably toward our goal of becoming the leading fully integrated, licensed and compliant cannabis product manufacturing and distribution company. We are pleased that another important box has been checked on time,” Grapefruit CEO Bradley J. Yourist stated in the news release.
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About Grapefruit Boulevard Investments Inc.
Grapefruit Boulevard Investments, a wholly owned subsidiary of Imaging3 Inc. (OTCQB: IGNG), holds California permits and licenses to both manufacture and distribute cannabis products. Grapefruit’s cannabis and CBD 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 of 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. For more information, visit the company’s website at www.GrapefruitBlvd.com.
NOTE TO INVESTORS: The latest news and updates relating to IGNG are available in the company’s newsroom at http://nnw.fm/IGNG
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