Business
InnerScope Hearing Technologies Inc. Announces A New Corporate Owned Audiological Hearing Aid Retail Clinic Location
InnerScope Hearing Technologies Inc. Announces A New Corporate Owned Audiological Hearing Aid Retail Clinic Location.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\nROSEVILLE, Calif., Dec. 04, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- InnerScope Hearing Technologies Inc. (OTCQB:INND), a manufacturer and direct-to-consumer distributor of hearing aids and related hearing products, announces it has signed a lease for a new corporate owned audiological hearing aid retail clinic located in Sacramento, California (the \"Sac Clinic\"). The opening of the Sac Clinic, dba Value Audiology & Hearing Aid Center is part of InnerScope's 6 to 12 month Northern California Audiological Clinic Expansion Plan, (the \"Rollout Plan\") as previously announced. The Sac Clinic will give InnerScope a total of 5 corporate owned audiological hearing aid retail clinics in Northern California (\"Retail Clinics\") (includes Value Hearing Aid Center's two location pending acquisition) out of the 22 Retail Clinics in the Rollout Plan with expected total gross revenue from the 5 locations in hearing aid sales to exceed $3.2 million in annual revenue with a 20% to 30% EBITA.\n\n \n \n \n \n \n \n \n \n \n \n \n Val PR Dec. 3\n \n \n \n \n \n \n \n \n\n InnerScope anticipates the Sac Clinic will be opened and fully operational by the end of December 2018. InnerScope is confident the Sac Clinic is going to be one of the highest producing revenue locations of the Retail Clinics. The Sac Clinic is located in one of the areas that have the highest density of senior population in the Sacramento region. Given that the founders of InnerScope have 30+ years owning and operating Retail Clinics in the Sacramento region and with one of their previous locations being in that exact area as the Sac Clinic location, InnerScope expects the Sac Clinic to produce annual revenues exceeding $1.2m in gross sales with approximately $200 to $300k in net profit. InnerScope has already trained and hired the experienced and licensed hearing healthcare professional for the Sac Clinic. With InnerScope successfully delivering on its Rollout Plan combined with its Retail Clinic acquisitions and its eCommerce DTC online stores, (including Walmart.com for InnerScope's hearing aids) InnerScope is planning to be able to meet the listing requirements for up listing to the Nasdaq Stock Exchange. InnerScope anticipates reporting healthy profits in the coming quarters, which will help InnerScope to meet all of the requirements including the $5 million in...