Business
InnerScope Hearing Technologies (OTC: INND) Acquires iHEAR Medical
InnerScope Hearing Technologies (OTC: INND) Acquires iHEAR Medical.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\n ROSEVILLE, Calif., Oct. 05, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- InnerScope Hearing Technologies Inc. (OTC: INND) (\"InnerScope\"), an emerging and disruptive leader in the Direct-to-Consumer Hearing Technology space, announces today it has completed an asset purchase agreement (the \"Acquisition\") and has acquired all assets and operations of iHEAR Medical Inc. (\"iHEAR\") based in San Leandro, California. iHEAR, founded in 2010, pioneered online direct-to-consumer hearing solutions (iHear Medical on ABC7 KGO / 2013). The Acquisition bolsters InnerScope's position as the leader in the emerging market of direct-to-consumer (\"DTC\") and over-the-counter (\"OTC\") hearing products. The Acquisition expands InnerScope's products and services to include the iHEARtest™, the only FDA-Cleared home hearing screener (FDA Clears Home Hearing Test on ABC7 / 2018), advanced FDA-Registered hearing aids, and the TReO™ Personal Sound Amplification Product (PSAP). The Acquisition also expands InnerScope's customer base and provides access to iHEAR's established retail and contracted distribution channels, which include: In-Store/Online Retail/Wholesale Distribution Partners CVS Pharmacy, Cardinal Health, AmerisourceBergen, Western States Pharmacy Coalition (WSPC), Good Neighbor Pharmacy, FSA Store and Amazon. Insurance Partners VIA Benefits, Ameritas, Willis Towers Watson. Direct Online Sales The full range of iHEAR-branded products will continue to be offered online at http://iheardirect.com \"We are very pleased that InnerScope is committed to advancing iHEAR's vision and mission of addressing the global demand of affordable hearing solutions,\" stated Adnan Shennib, founder of iHEAR Medical Inc. \"InnerScope's business models, combined with iHEAR's innovative online platform, will undoubtedly create the undisputed leader in the direct-to-consumer hearing products market.\" \"The Acquisition of iHEAR Medical brings world-class innovation and access to over 40 patents in hearing technology,\" stated Matthew Moore, president and CEO of InnerScope. \"Our alliance with iHEAR and its technology partners allow us to rapidly expand sales and distribution, particularly through pharmacies and insurance partners.\" Assets acquired in the transaction include iHEAR's FDA-Registered manufacturing facility, R&D center, and ...