Acquisition of world-class innovation, including the only FDA-Cleared cloud-based hearing solutions platform, positions InnerScope as the leader in the direct-to-consumer hearing products market
ROSEVILLE, Calif., Oct. 05, 2021 (GLOBE NEWSWIRE) — via InvestorWire — InnerScope Hearing Technologies Inc. (OTC: INND) (“InnerScope”), an emerging and disruptive leader in the Direct-to-Consumer Hearing Technology space, announces today it has completed an asset purchase agreement (the “Acquisition”) and has acquired all assets and operations of iHEAR Medical Inc. (“iHEAR”) based in San Leandro, California. iHEAR, founded in 2010, pioneered online direct-to-consumer hearing solutions (iHear Medical on ABC7 KGO / 2013). The Acquisition bolsters InnerScope’s position as the leader in the emerging market of direct-to-consumer (“DTC”) and over-the-counter (“OTC”) hearing products.
The Acquisition expands InnerScope’s products and services to include the iHEARtest™, the only FDA-Cleared home hearing screener (FDA Clears Home Hearing Test on ABC7 / 2018), advanced FDA-Registered hearing aids, and the TReO™ Personal Sound Amplification Product (PSAP). The Acquisition also expands InnerScope’s customer base and provides access to iHEAR’s established retail and contracted distribution channels, which include:
- In-Store/Online Retail/Wholesale Distribution Partners
- CVS Pharmacy, Cardinal Health, AmerisourceBergen, Western States Pharmacy Coalition (WSPC), Good Neighbor Pharmacy, FSA Store and Amazon.
- Insurance Partners
VIA Benefits, Ameritas, Willis Towers Watson.
- Direct Online Sales
The full range of iHEAR-branded products will continue to be offered online at http://iheardirect.com
“We are very pleased that InnerScope is committed to advancing iHEAR’s vision and mission of addressing the global demand of affordable hearing solutions,” stated Adnan Shennib, founder of iHEAR Medical Inc. “InnerScope’s business models, combined with iHEAR’s innovative online platform, will undoubtedly create the undisputed leader in the direct-to-consumer hearing products market.”
“The Acquisition of iHEAR Medical brings world-class innovation and access to over 40 patents in hearing technology,” stated Matthew Moore, president and CEO of InnerScope. “Our alliance with iHEAR and its technology partners allow us to rapidly expand sales and distribution, particularly through pharmacies and insurance partners.”
Assets acquired in the transaction include iHEAR’s FDA-Registered manufacturing facility, R&D center, and shipping operations in San Leandro, California.
“Leveraging the renowned R&D talents of iHEAR Medical, InnerScope plans to develop next-generation hearing products incorporating artificial intelligence (AI), advanced sound processing for improved hearing in noise environments, and seamless wireless connectivity to Internet-Of-Things (IoT) devices,” stated Moore.
About Hearing Loss
According to the World Health Organization (WHO), hearing loss is a global problem of epidemic proportions affecting about 5% of the world’s population, or approximately 380 million people, who suffer from a disabling level of hearing loss. The vast majority of those suffering from hearing loss remain untreated due to persistent barriers, including high cost, complex dispensing processes, and lack of access to high-quality hearing products. Recent studies indicate a significant rise in hearing loss prevalence due to an aging population, increased environmental noise, and the widespread use of personal listening devices. In addition, untreated hearing loss is associated with a wide range of social, economic, and health problems (including a higher risk of early onset of dementia) caused by communication barriers and reduced access to health care for those suffering from hearing loss.
About InnerScope Hearing Technologies, Inc. (OTC PINK: INND):
InnerScope is a leading manufacturer and distributor of FDA-registered hearing products and Personal Sound Amplifier Products (PSAPs), dedicated to addressing the global demand for affordable hearing solutions. InnerScope’s products and business model break through the persistent barriers that prevent access to effective hearing solutions. With the Acquisition of iHEAR Medical, an FDA-Cleared cloud-based hearing solution provider with access to over 40 patents, InnerScope is positioned to expand its leadership in the direct-to-consumer hearing solutions market with advanced hearing products offered at a fraction of the cost of conventional hearing aids sold in hearing aid centers. For more information, please visit www.innd.com.
Please be aware InnerScope social media accounts from time to time are used for additional information about material events.
About iHEAR® Medical Inc.
iHEAR® Medical Inc. is a venture-backed firm dedicated to addressing the global need for affordable and accessible hearing solutions. iHEAR® is leading the shift from outdated business models in clinical settings to direct-to-consumer (DTC) and over-the-counter (OTC) distribution models. iHEAR® products are available online and at major drugstore chains, including CVS. For more information on iHEAR® Medical Inc., visit iHear Medical Inc.
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended intended to be covered by the “safe harbor” created by those sections. Any statements that are not historical facts contained in this press release are also “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA). Such statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be canceled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing or maintain contractual relationships with vendors and customers, competition, general economic conditions and other factors that are detailed in our periodic reports filed with the Securities and Exchange Commission (“S.E.C.”). We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA, Securities Act, and Securities Exchange Act.
InnerScope Hearing Technologies, Inc.
Investor Relations Agency Contact:
Skyline Corporate Communications Group, LLC
Lisa Gray, Senior Account Manager
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
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