InnerScope Experiencing Improved Sales Momentum from Acquisitions in the Fourth Quarter
ROSEVILLE, Calif., March 08, 2022 – InnerScope Hearing Technologies Inc. (OTC: INND) (“InnerScope”), an emerging and disruptive leader in the Direct-to-Consumer Hearing Technology space, today announced its preliminary unaudited revenue results of $633,894 for the fourth quarter (“Q4-2021”) ended December 31, 2021.
Q4-2021 Business Highlights
- Acquisitions of Direct-to-Consumer Hearing Aid Companies:
- Acquisitions included:
- Manufacturing and R&D facility in San Leandro, CA.
- Management office in Virginia Beach, VA.
- Appointed Adnan Shennib as InnerScope’s CTO and President of International Operations – an industry leader in Electrical and Biomedical Engineering.
- Expanded the InnerScope team more than threefold, from 9 to 30.
- Filed 2 Provisional Patents on innovative hearing aid products.
- Partnered with Atlazo Inc., a leader in intelligent semiconductor solutions for wearable health devices, developing next-generation hearing aids with unprecedented new features, including voice commands, continuous health monitoring, and seamless connectivity with other smart devices.
- Received Walmart Purchase Orders for HearingAssist’s in-store products.
- Updated HearingAssist in-store product displays in 757 Walmart locations throughout Colorado, Tennessee, Texas, Arizona, and North Carolina.
- Launched 14 in-store Hearing Screening Kiosks with Hy-Vee, Giant Eagle, Food City, and Hartig Drug.
- Ordered 100 Hearing Screening Kiosks to be manufactured to be delivered by the end of March 2022 (at time of order, 65+ Kiosks committed to retailers).
- Engaged PCAOB Audit Firm Paris Kreit & Chiu CPA LLP for plans to complete audits and become SEC fully reporting company by Q2-2022.
Matthew Moore, President, and CEO of InnerScope Hearing Technologies commented, “We are excited to provide investors with these preliminary results, which are indicative of the growing customer and major retailers’ interest in our innovative, affordable hearing products and in-store automated Hearing Screening Kiosks. Our sales momentum and growth come from our hard work in building a scalable and sustainable business model. We have built a team of well-experienced industry leaders in R&D, marketing, and distribution, allowing InnerScope to create a proprietary patentable product portfolio and to continue to focus on our execution strategy building a wholesale distribution network of major retailers and pharmacy chains.”
About InnerScope Hearing Technologies, Inc. (OTC PINK: INND):
InnerScope Hearing Technologies Inc. is a leading Direct-to-Consumer (DTC) 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.
InnerScope’s recent acquisition of iHear Medical Inc., a DTC cloud-based hearing solution provider, gives the Company access to over 40 patents and an FDA-registered manufacturing and R&D facility. In addition, InnerScope has acquired HearingAssist, an established leader in the direct-to-consumer hearing aid market with a customer base of over 400,000. These acquisitions, combined with a partnership with Atlazo Inc., a semiconductor innovator for next-generation AI smart devices, will allow InnerScope to better position itself in the direct-to-consumer hearing solutions market by selling advanced hearing products through Walmart and other major retailers.
InnerScope’s full line of Hearing Health products is currently available through these multiple retail/wholesale channels: Walmart.com, Amazon.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, and Cardinal Health dba RGH Enterprises Inc., which provides InnerScope products to FSAStore.com, HSAStore.com, & WellDeservedHealth.com. Additional in-store and online through major retailers and pharmacy chains launching soon.
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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