InnerScope Hearing
Technologies
(OTC: INND) Receives $2.75
Million in Non-Dilutive Financing
ROSEVILLE, CA -- July 28,
2022 -- InvestorsHub NewsWire -- 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 that its wholly-owned subsidiary HearingAssist has
received
$2,750,000 for
its Receivable Factoring Agreement ("Factoring Agreement") with
Star Funding Inc. ("Star Funding"). Subject to the terms of the
2-year Factoring Agreement, Star Funding will continue to provide
funding on a transactional basis with no ceiling limit to the
amount of funding.
The Factoring Agreement
will provide InnerScope with needed funding to meet the demand of
current, and future orders for its affordable direct-to-consumer
hearing aids and other hearing-related products from its wholesale
distribution network of major retailers, healthcare service
companies, and pharmacy chains ("Distribution Network").
Avi
Levine, Vice President of
Star Funding, stated: "It has been a pleasure working with
InnerScope's management team to quickly arrange the financing to
meet their current and growing needs. We look forward to supporting
their aggressive plans for growth by providing fast financing to
ensure they can meet their customers' needs on time."
"We are very pleased to
have secured Star Funding as a financial partner," said Matthew
Moore, CEO of InnerScope Hearing Technologies Inc. "We have been
executing our business plan (which includes our strategic 2021
acquisitions of HearingAssist and iHEAR) and building our
Distribution Network over the last few years, knowing the
Over-the-Counter Hearing Aid Act (the "OTC Hearing Aid Law"), once
enacted, will propel and accelerate the demand for our affordable
direct-to-consumer hearing aids to be sold right off the shelf in
all retail stores. The OTC Hearing Aid Law is expected to be
enacted within 90 days. As a result, we are rapidly receiving
orders from our Distribution Network at a greater rate than ever in
the company's history. Our partnership with Star Funding will
provide our fast-growing company with the ability to help meet the
strong market demand now and in the post-OTC Hearing Aid Law for
all of our hearing products without diluting our loyal
stockholders."
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,
Walmart
Canada,
RiteAid.com,
BestBuy.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 are launching
soon.
For information related
to InnerScope Hearing Technologies' latest hearing aids and related
hearing products, please visit:
http://iheardirect.com
http://hearingassist.com
For the most up-to-date
information about InnerScope Hearing Technologies OTC:
$INND please visit and follow our official Twitter account
@inndstock page:
https://twitter.com/inndstock
InnerScope
Hyperlinks:
HearingAssist
hearing assist - Walmart.com
Acquisition of iHear Medical Inc.
Acquisition of HearingAssist
About Star Funding Inc.:
Star
Funding Inc. is a privately held company that has been providing
purchase order financing and accounts receivable factoring since
1999. Under these two programs, star helps growing businesses
finance the production or acquisition of goods for resale. Our
clients tend to be under-capitalized start-ups or fast-growing
businesses in a pre-sold position with their customers. Purchase
Order Funding enables undercapitalized companies to expand their
businesses and sustain rapid growth. The factoring relationship
offers liquidity, credit guidance and safety for a growing
business. Visit us at
www.starfunding.com
Safe
Harbor
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 cancelled, 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 ("SEC"). We intend that all
forward-looking statements be subject to the safe-harbor provisions
of the PSLRA, Securities Act and Securities Exchange
Act.
Contact:
InnerScope Hearing
Technologies, Inc.
Investor
Relations
IR@innd.com
833-788-0506
www.innd.com
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
Email: lisa@skylineccg.com
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