Los Angeles/Desert Hot Springs, CA, Nov. 25, 2019 (GLOBE NEWSWIRE) -- Bradley J. Yourist CEO of Grapefruit Boulevard Investments, Inc. a Los Angeles based company and wholly owned subsidiary of Imaging3, Inc. (OTCQB: IGNG) of which Yourist is also CEO (collectively “Grapefruit” or the “Company”) is reaching out to the Company’s shareholders and the public at large by issuing comments concerning IGNG’s recently filed quarterly report on Form 10-Q and Amendments 1 and 2 thereto. Mr. Yourist stated, “ 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. 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”.
About GRAPEFRUIT
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 https://grapefruitblvd.com/. To learn more about Grapefruit’s Sugar Stoned branded line of cannabis and CBD infused edibles, please visit us at https://sugarstoned.com/.
Safe Harbor Statement
Imaging3 cautions you that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the company and are subject to a number of risks and uncertainties inherent in Grapefruit’s business, including, without limitation: the company may not ever obtain additional funds necessary to support its business development and growth plans; and the company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Grapefruit and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q for the period ended June 30, 2019 and its Registration Statement on Form S-1. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Grapefruit undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Investor Relations Contact:
Bradley Yourist
brad@grapefruitblvd.com
18776 Blue Dream Crossing, Unit LL1 53-07
Desert Hot Springs, California 92240
(760) 205-1382
https://grapefruitblvd.com/