Business
InnerScope Hearing Technologies (OTC: INND) Acquiring Hearing Assist – Walmart's Largest Hearing Aid Supplier
InnerScope Hearing Technologies (OTC: INND) Acquiring Hearing Assist – Walmart's Largest Hearing Aid Supplier.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\n Highlights of Hearing Assist II LLC  Over 500,000 Hearing Aids SoldNearly 400,000 customers Sold in 757 Walmart Stores & on Walmart.com Generated $72 Million in top-line revenues ROSEVILLE, Calif., Oct. 27, 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, is pleased to announce today it has entered into a Letter of Intent (the \"LOI\") to acquire 100% of the equity in Hearing Assist II LLC. (\"HearingAssist\"). The LOI was executed on Oct. 19, 2021, and currently, InnerScope and HearingAssist are working on the definitive agreement with the expected close date of Nov. 15, 2021 (the \"Acquisition\"). Founded in 2008, headquartered in Virginia Beach, Virginia, HearingAssist has sold more than 500,000 hearing aids to nearly 400,000 customers via direct-to-consumer or through retail partners. HearingAssist was the first direct-to-consumer (\"DTC\") hearing aid company to use mass national television marketing to create a recognizable brand as America's #1 Affordable Hearing Brand. Since HearingAssist launched its acclaimed television spot (Hearing Assist Commercial - YouTube) in April 2018 on major national TV networks, it has generated more than $72 million of top-line revenue through July 2021. HearingAssist's products are currently displayed in over 757 Walmart’s in five states. In addition, HearingAssist has multiple vendor contracts signed and expansions currently underway with Walmart and other retailers. With the expected Over-the-Counter (\"OTC\") Law coming into effect in 2022, HearingAssist brand revenue projections are expected to exceed $150 million annualized by 2024. HearingAssist has a full lineup of affordable, high-quality rechargeable hearing aids, a digital TV listener device, and various hearing aid accessories. In addition, HearingAssist also has an exclusive intellectual property right to distribute and the option to purchase two patents for its hearing aids. InnerScope expects the Acquisition of HearingAssist, its management team, proven sales track record, strategic contracts with numerous major retailers, and the national marketing campaign to elevate InnerScope as the number one direct-to-consumer hearing aid sales company in the mar...