Business
InnerScope Hearing Technologies Inc. Announces LOI to Acquire Retail Hearing Aid Company & Large Cash Value Settlement
InnerScope Hearing Technologies Inc. Announces LOI to Acquire Retail Hearing Aid Company & Large Cash Value Settlement.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\n The Company continues its strategy to disrupt the 5-billion-dollar brick and mortar hearing aid and delivery sales model in the United States through acquisition and/or building new hearing aid retail locations\n\n \n \n \n \n \n \n \n \n \n \n \n Store acquisition and Expansion plan\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n InnerScope Hearing Technologies (the \"Company\") has entered into a Letter of Intent to acquire 100% of LLC Value Hearing dba Value Hearing Aid Centers (\"VHAC\"). VHACs is a related party to the Company and currently operates 2 Northern California hearing aid retail locations.\n \n \n \n \n \n \n \n \n\n ROSEVILLE, Calif., Aug. 23, 2018 (GLOBE NEWSWIRE) -- InnerScope Hearing Technologies Inc. (OTCQB: INND) announced today that it has resolved its lawsuit with Helix Hearing Care (California) Inc. (\"Helix\") by both parties dismissing all claims against the other party with prejudice. Pursuant to the Settlement Agreement, InnerScope will receive cash and other undisclosed benefits. The settlement will allow the Company to recapture the deferred revenue that was reported on its balance sheet which will be reflected in its 3rd quarter financials. Additionally, the settlement terminates the Non-Compete covenant provisions for the Company and its Founder, CEO and CFO individually. InnerScope's CEO, Matthew Moore states, \"We are pleased that we have reached this Settlement with Helix. The Settlement allows advancement of our strategy for substantial growth to accelerate immediately to deliver our high-quality affordable hearing aid devices to the hearing impaired through multiple sales channels without any contractual limitations.\" Acquisition of Retail Hearing Aid Centers and Expansion Plans With no contractual restrictions, InnerScope Hearing Technologies (the \"Company\") has entered into a Letter of Intent to acquire 100% of LLC Value Hearing dba Value Hearing Aid Centers (\"VHAC\"). VHAC is a related party to the Company and currently operates 2 Northern California hearing aid retail locations. Once completed, the acquisition allows the Company to execute its plans to disrupt the current 5-billion-dollar in the U.S., model brick and mortar hearing aid sales by offering factory direct pricing to consumers of its FDA-Registered hearing aid devices. In addition to acquiring VHAC's two locations,...