- InnerScope Hearing Technologies’ subsidiary HearingAssist, announced that they had received $277,000 worth of purchase orders from Walmart for their EZ-Hear device
- The EZ-Hear Neckband Bluetooth Hearing Amplifier is a rechargeable Bluetooth hearing amplifier which enables users to combine hearing amplification, hands-free calling and music streaming
- InnerScope completed the acquisition of HearingAssist in late November for a gross consideration of $10 million
InnerScope Hearing Technologies (OTC: INND), a manufacturer and distributer/retailer of DTC, FDA registered, Bluetooth app-controlled hearing aids and personal sound amplifier products (“PSAPs”), as well as various hearing-related products, announced that its recently acquired and wholly-owned subsidiary HearingAssist, had received purchase orders from Walmart totalling over $277,000 for its EZ-Hear Neckband Bluetooth Hearing Amplifier for an in-store display to be located within 757 Walmart stores (https://nnw.fm/x9k2k).
The EZ-Hear Neckband Bluetooth Hearing Amplifier (“EZ-Hear”) is a fully rechargeable Bluetooth hearing amplifier that combines hearing amplification with easy-to-use hands-free calling and music streaming. HearingAssist recently revealed that it had ramped up its production of the product to meet the demand for in-store Walmart purchases, with the product set to initially be stocked across 5 US states (Texas, North Carolina, Tennessee, Colorado, and Arizona). The company has also stated that it expects to continue receiving and fulfilling additional purchase orders from Walmart for the EZ-Hear Neckband Hearing Amplifiers.
The company’s order win comes only a few weeks following the announcement that InnerScope Hearing Technologies had completed the acquisition of Hearing Assist II, LLC (“HearingAssist”) for a gross consideration amounting to $10 million equivalent of InnerScope’s restricted shares of common stock. Following the acquisition, InnerScope Hearing Technologies stated that it expected the acquisition of HearingAssist and the companies’ combined revenue synergies to contribute positively to the former company’s revenues, most immediately through sales generated through HearingAssist’s hearing product kiosk displays located within Walmart stores (https://nnw.fm/IbO7j).
Matthew Moore, president and CEO of InnerScope, stated following the acquisition: “Today is a tremendous milestone for InnerScope. I’m delighted to welcome the HearingAssist team, who share our passion for providing convenient and affordable hearing products for the tens of millions of Americans who suffer from hearing loss. The HearingAssist acquisition is another meaningful step in advancing our strategy to grow as a leader and innovator in the direct-to-consumer hearing aid market. Moreover, adding HearingAssist and its management team with their proven track record should continue generating millions of dollars in sales revenues with Walmart in-store displays and Walmart.com and through its online website at http://hearingassist.com/
Since the company’s inception in 2008, HearingAssist has rapidly established themselves as a leader in the direct-to-consumer hearing aid market with over 500,000 hearing aids sold and top-line revenues of more than $72 million since 2018, in the process transforming into Walmart’s largest hearing aid supplier. Following the recent acquisition, the combined InnerScope-HearingAssist management team have sought to further their recent growth momentum, launching an aggressive marketing campaign for the holiday season dedicated to building on HearingAssist’s brand messaging as America’s No. 1 Affordable Hearing Brand, as well as using HearingAssist’s acclaimed national television commercial, which includes a “Free Holiday Special Offer“ valued at $149.
For more information, visit the company’s website at www.INND.com and the company’s e-commerce website www.iHeardirect.com.
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://nnw.fm/INND
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