Grapefruit Boulevard Investments (“GBI”), a licensed
and fully compliant California based cannabis distribution and manufacturing
company and a wholly owned subsidiary of Imaging3, Inc. (OTCQB: IGNG)
(collectively “Grapefruit”), this morning announced that it has filed Amendment
No. 1 to its Registration Statement on Form S-1 that was originally filed on
July 28, 2019 regarding conversions of convertible notes issued to the
company’s institutional investor Auctus Fund, LLC. “We are very pleased to file
the Amendment which puts us back on track to complete the Auctus transaction.
Pursuant to the terms of our Agreements with Auctus, immediately upon
effectiveness of the Registration Statement, which we believe should occur in
late February of 2020 we will receive a new Convertible Note Tranche of
$750,000.00 from Auctus and 90 days later a final Convertible Note Tranche of
$1,000,000.00. These funds are key to our revenue growth in 2020. In addition,
as our common stock price increases in the future, we will be able to call
warrants to bring in additional working capital. We are currently focused on
ramping up revenues to justify an increased stock price which will afford us
the opportunity to call the Warrants. We are also in the process of evaluating
other capital raising possibilities. We feel we have regained our momentum
which was temporarily slowed by the delay in the Grapefruit Boulevard
Investment audit and look forward to 2020 and the myriad possibilities the
future holds for Grapefruit,” Grapefruit CEO Bradley J. Yourist stated in the news
release.
To view the full press release, visit http://ibn.fm/C6UBJ
About Grapefruit Boulevard Investments Inc.
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 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 14 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 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://ibn.fm/IGNG
About QualityStocksNewsBreaks
QualityStocksNewsBreaks provide
a rapid summary of corporate news that catch the attention of QualityStocks.
QualityStocksBreaks are designed to keep investors up to date on important and
breaking news in the small-cap and micro-cap markets. Spanning all industries,
including energy, entertainment, telecommunications, healthcare, retail and
more, these news breaks deliver opportunities the investment community may have
missed. Whether it is earnings results, mergers and acquisitions, or any other
market-moving news, our news breaks keep you in the know. QualityStocks is
committed to connecting subscribers with companies that have huge potential to
succeed in the short and long-term future. It is part of our mission statement
to help the investment community discover emerging companies that offer excellent
growth potential.
QualityStocks (QS)
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
Please see full terms of use and disclaimers on the
QualityStocks website applicable to all content provided by QS, wherever
published or re-republished: http://www.qualitystocks.net/disclaimer.php
No comments:
Post a Comment