InnerScope Hearing Technologies (OTC: INND), an emerging and disruptive leader in the direct-to-consumer hearing-health technology space, has announced that it is in the process of acquiring Hearing Assist II LLC, Walmart’s largest hearing-aid supplier. INND entered into a letter of intent with HearingAssist to acquire 100% equity in the company; the two companies anticipate the announcement of a definitive agreement by Nov. 15, 2021. According to InnerScope, HearingAssist has sold more than 500,000 hearing aids to nearly 400,000 customers in more than 750 Walmart stores as well as on Walmart.com; those sales have generated $72 million in topline revenues. The company offers consumers a full line of affordable, high-quality rechargeable hearing aids along with a digital TV listener device and various hearing aid accessories. HearingAssist also owns an exclusive intellectual property right to distribute and the option to purchase two patents for its hearing aids. “InnerScope and its management team are excited about the acquisition of HearingAssist,” said InnerScope Hearing Technologies president and CEO Matthew Moore in the press release. “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-plus 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.”
To view the full press release, visit https://ibn.fm/oy1ag
About InnerScope Hearing Technologies Inc.
InnerScope Hearing Technologiesis a leading 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. With the recent acquisition of iHear Medical Inc., a cloud-based hearing solution provider with access to more than 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 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.
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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