Highlights of Hearing Assist II LLC
- Over 500,000 Hearing Aids Sold
- Nearly 400,000 customers
- Sold in 757 Walmart Stores & on Walmart.com
- Generated $72 Million in top-line revenues
ROSEVILLE, Calif., Oct. 27, 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, is pleased to announce today it has entered into a Letter of Intent (the “LOI”) to acquire 100% of the equity in Hearing Assist II LLC. (“HearingAssist”). The LOI was executed on Oct. 19, 2021, and currently, InnerScope and HearingAssist are working on the definitive agreement with the expected close date of Nov. 15, 2021 (the “Acquisition”).
Founded in 2008, headquartered in Virginia Beach, Virginia, HearingAssist has sold more than 500,000 hearing aids to nearly 400,000 customers via direct-to-consumer or through retail partners. HearingAssist was the first direct-to-consumer (“DTC”) hearing aid company to use mass national television marketing to create a recognizable brand as America’s #1 Affordable Hearing Brand. Since HearingAssist launched its acclaimed television spot (Hearing Assist Commercial – YouTube) in April 2018 on major national TV networks, it has generated more than $72 million of top-line revenue through July 2021. HearingAssist’s products are currently displayed in over 757 Walmart’s in five states. In addition, HearingAssist has multiple vendor contracts signed and expansions currently underway with Walmart and other retailers. With the expected Over-the-Counter (“OTC”) Law coming into effect in 2022, HearingAssist brand revenue projections are expected to exceed $150 million annualized by 2024.
HearingAssist has a full lineup of affordable, high-quality rechargeable hearing aids, a digital TV listener device, and various hearing aid accessories. In addition, HearingAssist also has an exclusive intellectual property right to distribute and the option to purchase two patents for its hearing aids.
InnerScope expects the Acquisition of HearingAssist, its management team, proven sales track record, strategic contracts with numerous major retailers, and the national marketing campaign to elevate InnerScope as the number one direct-to-consumer hearing aid sales company in the market. Moreover, with InnerScope’s recent Acquisition of iHear Medical Inc. and its experienced research and development team, its FDA-Registered hearing aid manufacturing facility and its 40+ patents strengthen InnerScope’s competitive edge over all other DTC / OTC companies. The Acquisition of HearingAssist and iHear Medical Inc. completes InnerScope’s business model strategy by integrating “Big Box” wholesale/retail distribution partners with its innovated patented proprietary Hearing Products.
Floyd Kuriloff, Managing Member of Hearing Assist LLC, stated: “We are excited about our partnership with InnerScope that will allow us to execute on the growth opportunities in front of us. For over a decade, HearingAssist has brought multiple innovations to the hearing aid market, which have helped hundreds of thousands of consumers to hear with HearingAssist’s high-quality, affordable hearing aids. We believe the Acquisition will afford HearingAssist to continue its mission by bringing more unique hearing innovations, better cost efficiencies in the manufacturing supply chain, and greater access to global markets. We also believe in combining our synergies will emerge the number one leader in the DTC / OTC hearing aid market.”
Mr. Matthew Moore, President, and CEO of InnerScope went on to state: “InnerScope and its management team are excited about the Acquisition of HearingAssist. The Acquisition will leverage our combined expertise and resources to accelerate our business development to the next level. InnerScope’s management team has strived to build a company that can compete with the “Big-Five” global manufactures, which control 98% of all hearing aids sold of the $10+ billion-dollar market. We believe that the Acquisitions of HearingAssist and iHear Medical Inc. has positioned InnerScope to bring innovative patentable hearing technology to market, which will directly compete with the “Big-Five” in market share. We also expect the Acquisition of HearingAssist from the strategic placement of the product display located inside 757 Walmart stores will generate immediate sales revenue for InnerScope.”
About InnerScope Hearing Technologies, Inc. (OTC PINK: INND):
InnerScope Hearing Technologies Inc. is a leading manufacturer and distributor of FDA-registered hearing aids, hearing assistive devices, hearing health-related products, and Personal Sound Amplifier Products (PSAPs) (“Hearing Products”) dedicated to addressing the global demand for affordable hearing solutions. InnerScope’s Hearing Products and its business model break through the persistent barriers that prevent access to effective hearing solutions. With the recent Acquisition of iHear Medical Inc., a cloud-based hearing solution provider with access to over 40 patents, and the completion of the Acquisition of HearingAssist, an established leader in the direct-to-consumer hearing aid market for more than 13 years, InnerScope’s is positioned to expand its distribution partnership network and 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.
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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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