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Monday was anything but blue for Burbank, Calif-based Imaging3 Inc (OTC:IGNG), a development stage company introducing disruptive technologies in the medical imaging industry, which spent Monday updating and clarifying last week's announcement that it has executed a non-binding letter of intent to be acquired in a reverse acquisition by a privately held Los Angeles based cannabis company.
The buyer (identified as the Acquirer in the earlier announcement) is Westwood, Los Angeles-headquartered Grapefruit Boulevard Investments, Inc. GBI holds California licenses to both manufacture and distribute cannabis products and is fully compliant with all applicable laws and regulations to operate such business.
IGNG CEO Jeffrey Peterson stated, "The Company's management and board have diligently prepared for completion of our planned financing of the Dominion enterprise, and the execution of our vision for an important new value proposition addressing many under-served markets for 3D X-ray imaging technology."
Imaging3's stock price took the express elevator Monday, leaping 4.2 cents, or 110.5%, to eight cents, on volume of 2.2 million shares.
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