Imaging3 Inc./Grapefruit Boulevard Investments Inc. (OTCQB: IGNG) today announced that it has reached a settlement agreement with its former bankruptcy counsel and largest trade creditor, Greenberg Glusker Fields Claman & Machtinger LLP (“GG”). Per the update, the agreement calls for IGNG/Grapefruit to liquidate the outstanding $1,245,380 balance through payment of $204,000 to GG in three $68,000 installments by November 30, 2019, as well as immediate issuance of 6,351,126 IGNG common shares to GG at an agreed value of $0.164 per share. “Once again we have achieved a positive conclusion to a significantly thorny component of Grapefruit’s reverse acquisition of IGNG. This is the most gratifying, however, because it ends the time and resource consuming acquisition documentation process,” new IGNG CEO Bradley J. Yourist commented in the news release. “We expect to complete all formal steps to finalize the acquisition this week. With the acquisition buttoned up, the IGNG/Grapefruit team will be able to proceed vigorously with prosecution of Grapefruit’s business plan. Furthermore, in the very near future the Company will take those steps necessary to change IGNG’s name to Grapefruit Inc. and to obtain a more appropriate trading symbol from OTC markets. We have also made significant progress with our Form S-1 registration statement this week and believe we will file it in July. This is, of course, very significant as we will receive our next tranche of $1,400,000 from our investor when we file the S-1.”
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Grapefruit is based in Westwood, Los Angeles, California. Grapefruit holds California licenses to both manufacture and distribute cannabis products and is fully compliant with all applicable laws and regulations to operate such business. Grapefruit has its cannabinoid extraction facility located in the Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, California located on the extension of North Canyon Rd., approximately 10 miles north of the center of Palm Springs. Grapefruit obtained its California cannabis licenses in January of 2018 and commenced distribution of cannabis products in 2018. Grapefruit’s goal is to become a seed to sale vertically integrated fully compliant cannabis and CBD product Company. To obtain further information on Grapefruit’s California cannabis licenses and its business plan and operations, please visit its website at www.GrapefruitBlvd.com
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