What to Do with Imaging3 Inc (OTCMKTS:IGNG) After Recent Launch

What to Do with Imaging3 Inc (OTCMKTS:IGNG) After Recent Launch

SHARE

One name that has clearly exploded higher over the past few days is Imaging3 Inc (OTCMKTS:IGNG). Shares of the stock have launched as much as 600% in the past week on a boom in new trading interest. Helping to contextualize the action, the company just announced that it is 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.

According to the release, “the firm is Grapefruit Boulevard Investments, Inc. based in Westwood, Los Angeles, California. 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. GBI has its extraction facility located in the 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 the center of Palm Springs. GBI obtained its California licenses in January of 2018 and commenced distribution of cannabis products in June of 2018. GBI’s goal is to become a seed to sale vertically integrated fully compliant cannabis and CBD product Company. As previously announced, on Thursday, March 7, GBI obtained its final permit and clearance from the Desert Hot Springs fire department to commence operation of an ethanol-based extraction laboratory at its facilities. As an update to the previous announcement, GBI intends to commence extraction operations the week of March 25, 2019.”

Imaging3 Inc (OTCMKTS:IGNG) trumpets itself as a development stage company that provides disruptive technologies in the medical imaging industry.

The company has developed a patented medical imaging technology called the Dominion SmartScan that produces 3D X-ray images in real time. Its technology exposes patients to less harmful radiation than current equivalent imaging technologies, such as CT scans.

The company was formerly known as Imaging Services, Inc. and changed its name to Imaging3, Inc. in August 2002. Imaging3, Inc. was founded in 1993 and is based in Burbank, California.

According to the release, “Imaging3, Inc., founded in 1993, has developed a patented medical imaging technology, called the Dominion SmartScan™,that produces 3D X-ray images, effectively in real time. The SmartScan technology has the potential to allow healthcare professionals to perform diagnostic and therapeutic procedures more quickly and accurately, which may result in higher throughput for the clinicians and fewer safety risks for patients. Imaging3’s technology exposes patients to less harmful radiation than current equivalent imaging technologies such as CT scans. The company believes this will allow scans to be used in many settings where scanning is currently limited by concerns about radiation exposure. The technology also notably allows for reasonably convenient portability, easier installation and use-readiness, and a significantly reduced cost burden suitable for novel settings and for healthcare systems across varied global settings. Imaging3 plans to submit a 510(k) application to FDA during 2018 to gain marketing authorization for initial applications for the SmartScan technology. Visit the company’s website at http://www.imaging3.com for detailed information about the company’s technology.”

Find out when $IGNG reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.

As noted above, IGNG just announced that it is 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.

We’ve witnessed just under 3300% during the past month in terms of shareholder gains in the listing. Moreover, the company has seen interest climb, with an increase in recent trading volume of above 910% over what the stock has registered over the longer term.

The Company’s Chairman of the Board, Jeffrey N. Peterson, restated his experience-based perspective: “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. However, the explosion of investor interest in the cannabis space has suddenly presented us with an unusual opportunity to leverage the asset of our fully-reporting, SEC current public company structure through the serendipitous confluence of these events which we believe strengthen our likelihood to achieve our vision for the Dominion technology, while at the same offering our current IGNG shareholders a valuable opportunity for rapid appreciation of their current IGNG investment in the form of the post-Acquisition cannabis-focused company, while, at the same time significantly reducing the risk of holding an investment in a behind schedule medical device company.”

Currently trading at a market capitalization of $9.12M, IGNG has virtually no cash on the books, which must be weighed relative to about $12.6M in total current liabilities. One should also note that debt has been growing over recent quarters. IGNG is pulling in trailing 12-month revenues of $27K. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -100%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $IGNG stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $IGNG, either long or short, and we have not been compensated for this article.

Sign Up for our 100% FREE Oracle Dispatch Newsletter