InnerScope Hearing Technologies (OTC: INND), an emerging and disruptive leader in the direct-to-consumer (“DTC”) hearing technology space, has finalized its previously announced acquisition of Hearing Assist II LLC. An established leader in the direct-to-consumer hearing aid market, Hearing Assist reports more than 500,000 hearing aids sold and top-line revenues of more than $72 million since 2018; the company is Walmart’s largest hearing aid supplier. According to the agreement, the acquisition transaction included a total of $10 million equivalent of InnerScope’s restricted shares of common stock subject to a 24-month leak-out agreement. Under the agreement, HearingAssist will continue to operate under Hearing Assist Direct Inc., a wholly owned InnerScope subsidiary; InnerScope retained the same management and operations team. “Today is a tremendous milestone for InnerScope,” said InnerScope president and CEO Matthew Moore in the press release. “I’m delighted to welcome the HearingAssist team, who share our passion for providing convenient and affordable hearing products for the tens of millions of Americans who suffer from hearing loss. The HearingAssist acquisition is another meaningful step in advancing our strategy to grow as a leader and innovator in the direct-to-consumer hearing aid market. Moreover, adding HearingAssist and its management team with their proven track record should continue generating millions of dollars in sales revenues with Walmart in-store displays and Walmart.com and through its online website. . . . I’m excited about InnerScope’s next chapter, as we continue to drive growth with increased revenues to create long-term value for shareholders.”
To view the full press release, visit https://ibn.fm/6QUw2
About InnerScope Hearing Technologies Inc.
InnerScope 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”) 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. The company’s recent acquisition of iHear Medical Inc., a DTC cloud-based hearing solution provider, gives InnerScope access to more than 40 patents, FDA-registered manufacturing and an R&D facility. InnerScope also acquired HearingAssist, an established leader in the direct-to-consumer hearing aid market with a customer base of more than 400,000. These acquisitions, combined with a partnership with Atlazo Inc., a semiconductor innovator for next-generation AI smart devices, will allow InnerScope to provide innovated proprietary advanced hearing products and rapidly expand its leadership position in the direct-to-consumer hearing solutions market. For more information, please visit www.INND.com.
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://ibn.fm/INND
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