Business
InnerScope Hearing Technologies (OTC: INND) Receives $2.75 Million in Non-Dilutive Financing
InnerScope Hearing Technologies (OTC: INND) Receives $2.75 Million in Non-Dilutive Financing.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\n ROSEVILLE, Calif., July 28, 2022 (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 that its wholly-owned subsidiary HearingAssist has received $2,750,000 for its Receivable Factoring Agreement (\"Factoring Agreement\") with Star Funding Inc. (\"Star Funding\"). Subject to the terms of the 2-year Factoring Agreement, Star Funding will continue to provide funding on a transactional basis with no ceiling limit to the amount of funding.  The Factoring Agreement will provide InnerScope with needed funding to meet the demand of current, and future orders for its affordable direct-to-consumer hearing aids and other hearing-related products from its wholesale distribution network of major retailers, healthcare service companies, and pharmacy chains (\"Distribution Network\"). Avi Levine, Vice President of Star Funding, stated: \"It has been a pleasure working with InnerScope's management team to quickly arrange the financing to meet their current and growing needs. We look forward to supporting their aggressive plans for growth by providing fast financing to ensure they can meet their customers' needs on time.\" \"We are very pleased to have secured Star Funding as a financial partner,\" said Matthew Moore, CEO of InnerScope Hearing Technologies Inc. \"We have been executing our business plan (which includes our strategic 2021 acquisitions of HearingAssist and iHEAR) and building our Distribution Network over the last few years, knowing the Over-the-Counter Hearing Aid Act (the \"OTC Hearing Aid Law\"), once enacted, will propel and accelerate the demand for our affordable direct-to-consumer hearing aids to be sold right off the shelf in all retail stores. The OTC Hearing Aid Law is expected to be enacted within 90 days. As a result, we are rapidly receiving orders from our Distribution Network at a greater rate than ever in the company's history. Our partnership with Star Funding will provide our fast-growing company with the ability to help meet the strong market demand now and in the post-OTC Hearing Aid Law for all of our hearing products without diluting our loyal stockholders.\" About InnerScope Hearing Technologies, Inc. (OTC PINK: INND): Inn...