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Monday, December 5, 2022

InnerScope Hearing Technologies, Inc. (OTC PINK: INND) Heats Up as Hearing Aid Pioneer Closes Acquisition of Hearing Assist

InnerScope Hearing Technologies, Inc. (OTC PINK: INND) is making an explosive move up the charts trading $3.3 million in dollar volume on Monday alone after the Company reported it has closed the acquisition of Hearing Assist II, LLC. HearingAssist is an established leader in the direct-to-consumer hearing aid market with over 500,000 hearing aids sold and top-line revenues of more than $72 Million since 2018 and is Walmart’s largest hearing aid supplier. HearingAssist has deployed product displays in 757 Walmart stores throughout five states. 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. 

The acquisition of HearingAssist is expected to rapidly accelerate InnerScope’s revenue and growth strategy with immediate sales generated from the HearingAssist’s hearing product kiosk displays located inside Walmart stores. InnerScope expects to report record sales revenues starting in the fourth quarter of 2021 and continuing quarterly after that. In addition, InnerScope and the HearingAssist management team have already begun an aggressive marketing campaign for the holiday seasons building on HearingAssist’s brand messaging as America’s No. 1 Affordable Hearing Brand and using HearingAssist’s acclaimed national television commercial, which includes a “Free Holiday Special Offer” valued at $149. 

InnerScope Hearing Technologies, Inc. (OTC PINK: INND) 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.  Innerscope is led by CEO Matthew Moore who grew up in the hearing health industry, with having internships and mentorships beginning with his Grandfather who has personally helped over 20,000 hearing- impaired patients in his private hearing aid practice since the 1940s. At the age of 10, Matthew was working in the Marketing Department of his parents private hearing aid practice. By the age of 22, Matthew became a full partner in his parents hearing aid business, which then grew to one of the largest private hearing aid practices in the United States with over 70 locations and over 40,000 customers in a 10-year period. 

Microcapdaily has reported on INND before stating in October: “INND is an investors favorite that is getting noticed by some big players as the Company launches its latest breakthroughs in Hearing Technology with its New Smartphone Controlled Direct-to-Consumer Self-Fitting-Self-Adjusting Rechargeable Hearing Aids with built-in Professional Remote Programming & Support Service. InnerScope is a wholesale vendor for Walmart and was recently accepted into BJ’s Wholesale Club operating 215+ Locations in 17 States. INND has seen tremendous growth through acquisition recently acquiring iHEAR Medical Inc. based in San Leandro, California. 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). Assets acquired in the transaction include iHEAR’s FDA-Registered manufacturing facility, R&D center, and shipping operations in San Leandro, California. InnerScope is starting to attract mainstream press including Fox Business News, Bloomberg and a 12-part series by Newsmax.” 

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Earlier this year Innerscope launched its hearIQ App in 172 countries in the Apple App Store for iOS devices and Google Play Store for Android devices. The hearIQ App is a multi-functional app, which offers to the general public a FREE Self-Administered Hearing Test to determine hearing loss (if any) and also provides a Bluetooth wireless connection (“App Controlled”) for InnerScope’s Direct-to-Consumer Self-Fitting-Self-Adjusting Hearing Aids. The hearIQ App is specifically designed to help with early detection of hearing loss for the 48+ million Americans as well as the 1.5 billion people worldwide who may have an undetected hearing loss or may be living with some degree of hearing loss, according to the World Health Organization (“WHO”). More importantly, if hearing loss is detected, the hearIQ App directly links to InnerScope’s Direct-to-Consumer Hearing Products. Since the hearIQ App became activated only nine days ago, it has already received over 440 reviews and has a FIVE-STAR RATING from Apple and Android users.  

The Company has been busy in November; they consummated a partnership with Hartig Drug Company, a member of Topco Associates, a member-owned cooperative “to deploy a hybrid shopping and hearing health awareness experience by offering Free Hearing Screenings with InnerScope’s automated self-check hearing screening kiosk located in Hartig Drug stores. They also formed a partnership with Atlazo Inc. to develop next-generation hearing aids and hearable products, utilizing Atlazo’s patented Artificial Intelligence (AI) hardware platform. Hearing products powered by Atlazo’s proprietary ultra-low power System-on-Chip (SoC) will offer consumers unprecedented new features, including voice commands, continuous health monitoring, and seamless connectivity with other smart devices. 

InnerScope also recently announced a partnership with K-VA-T Food Stores, Inc. Food City Pharmacy (“Food City”), a member of Topco Associates, a member-owned cooperative, to deploy a hybrid shopping and hearing health awareness experience by offering Free Hearing Screenings with InnerScope’s automated self-check hearing screening kiosk (“Hearing Kiosks”) located in the pharmacy section of the Food City stores. The Hearing Kiosks were deployed mid-October in three Food City Pharmacy locations. InnerScope and Food City plan to add additional kiosks at strategic locations.  Food City Pharmacy also plans to offer InnerScope hearing aids and other hearing health-related products in stores and online in the near future.  

INND operates in the booming hearing aids space; According to a report from Fortune Business Insights the global hearing aids market is set to gain impetus from the increasing adoption of telehealth among audiologists to prevent patient traffic. The report further states that the market size was USD 8.99 billion in 2019 and is projected to reach USD 13.38 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period.

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INND is making an explosive move up the charts trading $3.3 million in dollar volume on Monday alone after the Company reported it has closed the acquisition of Hearing Assist II, LLC. HearingAssist is an established leader in the direct-to-consumer hearing aid market with over 500,000 hearing aids sold and top-line revenues of more than $72 Million since 2018 and is Walmart’s largest hearing aid supplier. HearingAssist has deployed product displays in 757 Walmart stores throughout five states. 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. The acquisition of HearingAssist is expected to rapidly accelerate InnerScope’s revenue and growth strategy with immediate sales generated from the HearingAssist’s hearing product kiosk displays located inside Walmart stores. InnerScope expects to report record sales revenues starting in the fourth quarter of 2021 and continuing quarterly after that. In addition, InnerScope and the HearingAssist management team have already begun an aggressive marketing campaign for the holiday seasons building on HearingAssist’s brand messaging as America’s No. 1 Affordable Hearing Brand and using HearingAssist’s acclaimed national television commercial, which includes a “Free Holiday Special Offer” valued at $149. As we have reported before InnerScope is already a wholesale vendor for Walmart and was recently accepted into BJ’s Wholesale Club operating 215+ Locations in 17 States..We will be updating on INND when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with INND.

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Disclosure: we hold no position in INND either long or short and we have not been compensated for this article

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