InnerScope
Hearing Technologies (OTC: INND) Partners With
NUHEARA For Licensing FDA-Cleared Self-Fitting OTC Hearing Aid
Technology
InnerScope Plans
to Integrate NUHEARA's FDA-Cleared Patented Self-Fitting OTC
Hearing Aid Technology into its HearingAssist and iHEAR Branded OTC
Hearing Aids
The partnership
gives InnerScope status as the exclusive 3rd-party
Retail Chain Distributor for the Sale of NUHEARA's Products,
including its FDA-Cleared OTC Self-Fitting HP Hearing Pro Hearing
Aid
ROSEVILLE, CA -- December 20, 2022 --
InvestorsHub NewsWire -- InnerScope
Hearing Technologies Inc. (OTC:
INND) ("InnerScope"), an emerging and
disruptive leader in the Over-the-Counter (OTC) Hearing Aid space
today announced it had signed a Memorandum of Understanding ("MOU")
with
NUHEARA Limited ("NUHEARA"),
a Medical device and consumer
electronics manufacturer listed on the Australian Stock Market.
as
(ASX:
NUH).
The MOU intends to create a strategic
partnership to build a strong market share in the US
Over-the-Counter ("OTC") hearing aid market.
The partnership gives InnerScope
licensing rights, clinical know-how, and support to its patents and
NUHEARA's FDA-Cleared OTC Self-Fitting Hearing Aid Technology to be
integrated into InnerScope's OTC Hearing Aids. In addition,
InnerScope has status as the exclusive
3rd-party retail chain distributor
for the sale of NUHEARA's products, including its FDA-Cleared OTC
Self-Fitting HP Hearing PRO hearing aid (Nuheara
Receives Historic FDA Clearance for Self-Fitting and Launches HP
Hearing PRO). NUHEARA has a license agreement
with HP Inc., to manufacture and market OTC hearing aid products
under the HP brand, the HP Hearing PRO powered by Nuheara
(Nuheara
Enters Worldwide Trademark License Agreement with HP
Inc.). Moreover, InnerScope will be able
to market and sell HP-branded OTC FDA-Cleared Self-Fitting Hearing
Aids products by NUHEARA in the US. InnerScope will also provide
first-level customer and warranty support for NUHEARA's products
sold through InnerScope's sales channels.
The partnership also provides a major
expansion for NUHEARA's footprint in the US OTC hearing aid market.
NUHEARA has a partnership with Best Buy to sell its products in 300
Best Buy locations. This new partnership will allow NUHEARA
products to be sold through InnerScope's ever-growing
wholesale/retail distribution network of major retailers,
healthcare service companies, and pharmacy chains ("InnerScope's
Distribution Network").
Justin Miller, Co-Founder and
Managing Director of NUHEARA, commented, "We are delighted
to enter into this partnership with InnerScope, significantly
increasing NUHEARA's retail points of sale in the US OTC hearing
aid market. InnerScope has been a leader and innovator in the US
hearing industry by bringing affordable hearing aid technology
direct to US consumers. We look forward to a long and prosperous
partnership with InnerScope as we build market share in the US OTC
hearing aid market." Additionally, we are excited about InnerScope
marketing and selling NUHEARA's products within InnerScope's
Distribution Network, especially our HP Hearing PRO FDA-Cleared
Self-Fitting OTC Hearing Aids. Since we have received US FDA
clearance and ISO medical device quality certification, we are now
manufacturing the HP Hearing PRO hearing aids to be shipped in late
January / early February 2023 to retail partners."
Matthew Moore, President and
CEO of InnerScope Hearing Technologies, commented, "We are
excited to work with NUHEARA's management team to build a strong
partnership. This partnership gives NUHEARA access to InnerScope's
Distribution Network. In addition, the partnership gives InnerScope
the ability to integrate NUHEARA's FDA-Cleared OTC Self-Fitting
Hearing Aid Patent Technology ("FDA-Cleared Self-Fitting
Technology") into InnerScope's
HearingAssist, and
iHEAR OTC Hearing Aid branded products
("InnerScope's Brands of OTC
Hearing Aid Products"). Integrating the FDA-Cleared
Self-Fitting Technology into InnerScope's Brands of OTC Hearing Aid
Products will provide InnerScope the ability to offer and market
InnerScope OTC Hearing Aids as FDA-Cleared Self-Fitting Hearing
Aids. In addition, we are equally excited to have NUHEARA give
InnerScope status as the exclusive 3rd-party distributor who can
market and sell the HP Hearing PRO FDA-Cleared Self-Fitting OTC
Hearing Aids through InnerScope's Distribution Network. The HP
brand is a well-known and respected brand, and we are proud to
add the HP Hearing PRO powered by
NUHEARA into InnerScope's Brands of OTC
Hearing Aid Products."
About HP Hearing PRO Self-Fitting OTC Hearing Aids
HP Hearing PRO | Advanced FDA-Cleared Self-Fitting OTC Hearing
Aids are innovative products that
look nothing like a traditional hearing aid. Built to medical
device standards and meeting all FDA requirements for safety and
efficacy, the HP Hearing PRO features the Ear ID™ self-fitting
software and technology powered by Nuheara. The Ear ID™ has been
clinically proven to be substantially equivalent to a
professionally fit hearing aid4. The proprietary Ear ID™
software tests the wearer's individual hearing thresholds from low
frequency to high frequency in each ear, then automatically
programs the HP Hearing PRO hearing aids for each ear. This ability
for the consumer to self-fit through the HP Hearing application for
iOS and Android platform mobile devices allows a quick and easy
acclimation experience for the consumer. The entire acclimation
experience takes about 10-15 minutes, from unboxing through
customization of the user's personalized profile to accommodate
their perceived mild to moderate hearing loss.
In addition to the HP Hearing PRO's
capabilities as an OTC hearing aid, this innovative product streams
media and phone calls via Bluetooth®. The Active Noise Cancellation
minimizes background noise for an immersive sound experience when
streaming phone calls or music.
Additional features
include:
-
HP Hearing app for
iOS and Android
-
Rechargeable built-in
Li-ion batteries
-
Charge Case for
on-the-go charging
Most importantly, the HP Hearing PRO
has been clinically validated[1] through research completed by the
National Acoustic Laboratories to provide a 30% speech
understanding improvement in the presence of noise using the
directional microphone feature called Focus. This is a huge benefit
for consumers in restaurants or social situations where background
noise makes understanding speech difficult. Now, at the touch of
the HP Hearing app, a wearer can switch the directional microphone
settings to Focus on sounds towards their front, quickly allowing
for immediate improvement in speech understanding.
About NUHEARA Limited
(ASX:NUH):
Nuheara is a global leader in smart
hearing technology which change people's lives by enhancing the
power to hear. As a global pioneer in Hearable products, Nuheara
developed proprietary, multi-functional, personalized intelligent
hearing devices that augments a person's hearing. Nuheara is
headquartered in Perth, Australia, and was the first consumer
wearables technology company to be listed on the Australian
Securities Exchange (ASX).
In 2016, the Company released its
revolutionary wireless earbuds, IQbuds, which allow consumers to
augment their hearing according to their personal hearing
preferences and connect hands-free with their voice-enabled smart
devices. In 2020 Nuheara released its third-generation hearable the
IQbuds² MAX.
In 2021, Nuheara transformed its
operations to include medical device manufacturing for its hearing
aid products to meet global demand for mild to moderate hearing
loss. Nuheara products are now sold Direct to Consumer (DTC) and in
major consumer electronics retailers, professional hearing clinics,
pharmacies, and specialty retailers around the world.
The Company's mission is to transform
the way people hear by creating smart hearing solutions that are
both accessible and affordable. For further information, please
visit https://www.nuheara.com/.
About InnerScope Hearing Technologies, Inc.
(OTC PINK: INND):
InnerScope Hearing Technologies Inc. is a manufacturer and distributor of
OTC Hearing Aids, Hearing Aid Accessories & Hearing
Health-Related Products ("Hearing Products") dedicated to
addressing the global demand for affordable hearing solutions.
InnerScope's Hearing Products and its B2C and B2B business model
break through the persistent barriers that prevent access to
effective and affordable hearing solutions.
InnerScope's recent
acquisition of iHear Medical Inc.,
a Direct-to-Consumer ("DTC")
cloud-based hearing solution provider, gives the Company access to
over 40 patents and an R&D facility. In addition, InnerScope
has
acquired HearingAssist,
an established leader since 2008 in
the DTC 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 OTC hearing aid market by selling advanced
Hearing Products through Walmart and many other major retailers and
pharmacy chains.
InnerScope's full line of Hearing
Products is currently available through these multiple
retail/wholesale distribution channels:
Walmart Vision Centers,
Walmart.com,
Walmart Canada,
CVS.com
RiteAid.com,
BestBuy.com,
Amazon.com,
Fingerhut.com,
Giant Eagle,
Hy-Vee,
Hartig Drug,
Food City,
Cardinal Health™ at-Home,
Carewell.com
FSAStore.com,
HSAStore.com,
WellDeservedHealth.com,
and
Topco Associates representing 1000's of stores. Coming
soon:
Wakefern Food Corp. / ShopRite,
SpartanNash /
VG's Grocery / Family
Fare /
Martin's Super Markets.
More in-store and online Hearing
Products will soon launch with major retailers and pharmacy
chains.
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
HearingAssist - Walmart.com
HearingAssist - RiteAid.com
HearingAssist - BestBuy.com
iHEAR
iHEAR - CVS.com
Acquisition of iHear Medical Inc.
Acquisition of HearingAssist
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
