LOS ANGELES and DESERT HOT SPRINGS, Calif., March 10, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- Grapefruit USA, Inc. (OTC: GPFT) ("Grapefruit" or the "Company"), an innovative California-based cannabiotech company, today updates its recent announcement regarding the proposed acquisition of Diagnostic Lab Corporation, Inc. of Englewood Cliffs, New Jersey ("DLC"), a diversified food and agriculture safety company, as well as the proposed recapitalization of the Company.
On Aug. 18, 2022, the Company announced it was "finalizing its due diligence on DLC and is in the final stages of negotiating the terms of its anticipated financing and structuring the transaction documents, all of which it expects to complete in the next several weeks." The Company further reported on Nov. 21, 2022, that "due to current general market and economic conditions, the anticipated transaction and financing process is active and continuing with all terms and conditions of financing and structure expected within the next 30 days." Today, the Company updates its guidance and states that the anticipated transaction and financing are continuing.
In light of acute market conditions in the cannabis capital markets and cannabis-related economies in general, the financial terms being negotiated will most likely be capital infusions in several tranches and paid over time. Further, the Company's strategic plan is being modified to address market changes and several growth opportunities in cannabis retail as well as general agricultural and hemp/CBD/wellness verticals. The cannabis retail sector in the nascent East Coast marketplace presents the best opportunity for growth.
Bradley J. Yourist, Grapefruit's CEO and co-founder, commented, "We are providing this update to inform our many loyal shareholders that the Company is making significant progress with respect to the DLC acquisition and securing additional capital, despite the challenging current macro-economic environment and its influence on the capital markets. Grapefruit's management, staff and outside professionals continue to work together very efficiently to ensure a successful acquisition of DLC. Grapefruit is laying the groundwork to implement the Company's long-term strategic plans to acquire several retail stores in the Eastern part of the United States as the next event in the Company's evolution to a wellness-driven, medical science-based, canna-focused biotech company."
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About Grapefruit
Grapefruit's corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit's extraction laboratory and manufacturing 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 Road, approximately 14 miles north of downtown Palm Springs. To obtain further information on Grapefruit and its operations, please visit the Company's website at
Safe Harbor Statement
Grapefruit cautions 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 Report on Form 10-Q for the period ended Sept. 30, 2022, and its Registration Statement on Form S-1/A. Such documents may be read free of charge on the SEC's website at www.sec.gov. Readers 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.
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ir@grapefruitblvd.com
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(760) 205-1382
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加利福尼亞州洛杉磯和沙漠溫泉,2023年3月10日(Global Newswire)--Via InvestorWire--葡萄柚美國公司(場外交易代碼:GPFT)是一家總部位於加利福尼亞州的創新型大麻科技公司,今天通過InvestorWire更新了其最近關於擬議收購新澤西州恩格爾伍德克裡夫斯診斷實驗室公司(DLC)的最新公告,該公司是一家多元化的食品和農業安全公司,以及擬議的公司資本重組。
2022年8月18日,該公司宣佈“正在敲定對DLC的盡職調查,並處於談判預期融資條款和構建交易檔案的最後階段,所有這些工作預計將在未來幾周內完成。”本公司於2022年11月21日進一步報告稱,“由於目前的一般市場和經濟條件,預期的交易和融資過程是活躍的,並繼續進行,所有融資條款和條件以及結構預計將在未來30天內完成。”今天,該公司更新了其指導意見,並表示預期的交易和融資仍在繼續。
鑑於大麻資本市場和一般與大麻有關的經濟體的嚴峻市場狀況,正在談判的財務條件很可能是分幾批注資,並隨著時間的推移支付。此外,該公司的戰略計劃正在修改,以應對市場變化和大麻零售以及一般農業和大麻/CBD/健康垂直領域的幾個增長機會。新生的東海岸市場的大麻零售部門提供了最好的增長機會。
葡萄柚公司首席執行官兼聯合創始人布拉德利·J·尤裡斯特評論說:“我們提供這一最新消息是為了告訴我們的許多忠實股東,儘管當前宏觀經濟環境及其對資本市場的影響具有挑戰性,但公司在收購DLC和獲得更多資本方面取得了重大進展。葡萄柚的管理層、員工和外部專業人士繼續高效合作,確保成功收購DLC。葡萄柚公司正在為實施公司在美國東部收購幾家零售店的長期戰略計劃奠定基礎,這是公司向一家以健康為導向、以醫學為基礎、以美人掌為重點的生物技術公司發展的下一步活動。“
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葡萄柚提醒,本新聞稿中包含的任何不是對歷史事實的描述都是前瞻性陳述。這些前瞻性陳述中的許多都包含“預期”、“相信”、“估計”、“可能”、“打算”、“預期”和類似的表述。實際結果、業績或成就可能與本文中包含的前瞻性陳述所預期、明示或暗示的內容大不相同。這些前瞻性陳述主要基於公司的預期,受到葡萄柚業務固有的一些風險和不確定性的影響,包括但不限於:公司可能永遠不會獲得支持其業務發展和增長計劃所需的額外資金;公司可能永遠不會取得市場成功以實現或維持盈利的業務。此外,還有與經濟衰退或恐怖主義行動、來自規模大得多的大麻公司的競爭、意想不到的成本和延誤、潛在的產品責任索賠以及許多其他因素有關的風險和不確定性。有關葡萄柚和可能影響前瞻性陳述實現的風險因素的更詳細資訊在公司提交給證券交易委員會的檔案中闡述,包括公司的10-K表格年度報告和截至9月1日的10-Q表格季度報告。302022年,及其S-1/A表格註冊聲明。此類檔案可在美國證券交易委員會網站www.sec.gov上免費閱讀。告誡讀者不要過度依賴這些前瞻性陳述,這些陳述僅在本文發表之日起發表。所有前瞻性陳述均受本警告性聲明的限制,葡萄柚公司沒有義務修改或更新本新聞稿,以反映此後發生的事件或情況。這一警告是根據1995年《私人證券訴訟改革法》第21E節的安全港條款作出的。
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