InnerScope Hearing Technologies (OTCQB:
INND) Reports Strong Q3
2019 Revenue Growth of over Q3
2018 & Q3
Business Progress
-
419% Revenue Growth
for Q3 2019
-
396% Revenue Growth
Year over Year
-
22% Revenue Growth
over Q2 2019
ROSEVILLE, CA
-- November
18,
2019 -- InvestorsHub
NewsWire -- InnerScope Hearing
Technologies Inc. (OTCQB:
INND) ("InnerScope") a manufacturer and Direct-to-Consumer
("DTC") distributor/retailer of FDA-Registered Hearing Aids,
Personal Sound Amplifiers Products, ("Hearing
Products") Hearing Related
Treatment Therapies, Doctor-Formulated
Dietary Hearing Supplements and proprietary CBD Oil ("Hearing
Health Products") (collectively "Hearing Product
Portfolio"), today
announced
its unaudited
third quarter
revenue
results ended
September
30, 2019 ("Q3 2019") of
$250,781,
a
revenue
growth of 419% over the third
quarter
ended September 30,
2018 ("Q2
2018"). Additional
revenues of $16,880
in
Customer
Orders not delivered as of the end of
Q3 2019
(which will be
recognized in the fourth quarter ending December 31, 2019 ("Q4
2019")), a revenue
growth of approximately 22%
over
second quarter ended June 30, 2019 ("Q2 2019"). InnerScope
reported
year to
date revenues of $656,983
for nine months ended September 30, 2019, a revenue growth
of 396% over nine months
ended September 30, 2018.
Matthew
Moore, InnerScope's CEO commented, "We are
right on course
executing our revenue growth plans. Since the overwhelming
positive response that we have received from major
retailers for
our
Point of
Sale Hearing Screening Retail
Kiosks, we have pivoted to move our focus to
top-line
revenue growth by developing new
national and international retail/wholesale distribution
agreements with major retail
chains for our Hearing Product Portfolio. We already have
hundreds of retail locations, with just the retail/wholesale
distribution agreements we have signed to
date, and
we
expect revenues will
continue to increase as we start supplying our Hearing Product
Portfolio to each of the locations. More importantly, as
we grow the top-line revenue we are
equally
focused on cutting operating
costs and streamlining
our
cost
structure. We are extremely
committed and believe by executing on our
current agreements, revenues
should
increase quickly and by adding
an additional $125,000+ per month will put us
on
track to
be
cash flow positive
by
the first
half of 2020. We also plan to
utilize our anticipated free
cash flow to decrease debts, including convertible debts which
in-turn will
increase
shareholder
value."
Q3 2019 Business Progress
InnerScope expects to achieve
an increase in market penetration and
hearing health awareness within the U.S.
and Canada markets with its current
retail/wholesale distribution
agreements for its Hearing Product
Portfolio:
- InnerScope
has successfully signed retail/wholesale distribution
agreements for
its Hearing Product Portfolio for
hundreds of locations within
the U.S. and Canada. These distribution agreements are a
direct result of its development of
a network
of interactive fully automated (unattended) Point of Sale Hearing
Screening Retail Kiosks and
Untreated Hearing Loss Information
Center ("Hearing Kiosks") specifically
designed to be located
inside large major retailers,
local retailers, pharmacy chains, grocery stores, hospitals,
sporting venues and other public locations.
Hearing Kiosks provides InnerScope a very efficient and cost
effective method of generating immediate sales
revenue
at each retailer's location. In addition, the Hearing Kiosks
also
provides
continuous
DTC
Online
Sales
Revenue
regardless of its location.
- InnerScope signs
Retail/Wholesale Distribution Agreement with
Bonum
Health
for initial deployment of
Hearing Kiosk and its Hearing Product Portfolio to 200 pharmacy
locations and ramping up to 500 locations over the
next few months throughout
the
U.S.
- InnerScope signs a Strategic
Alliance & Distribution Agreement with
EastWest
Bioscience, a
Vancouver, B.C Canada public company for deployment of
Hearing Kiosks and its Hearing
Product Portfolio throughout retail outlets in Canada as well
as establishing
a
Canadian Distribution
Warehousing Center.
- InnerScope
has
successfully deployed several Hearing
Kiosks
around InnerScope's Audiological Hearing
Aid Retail Clinics locations ("Retail
Clinic"). These
strategically placed Hearing Kiosks will not only drive
qualified customers to each Retail Clinic
location, but also
is a
"Highly
Effective Referrals/Leads Program" that
can
significantly
increase
each
Retail
Clinic's
Sales
Revenue while
decreasing each Retail
Clinic's marketing
cost,
which
in-turn
will
have a
significant positive effect on cash flow and
the
bottom
line.
InnerScope is
continuing to execute its
plan by
continuing its efforts to work with National and International "Big
Box" Retailers and Pharmacy Chains for retail/wholesale
distribution Agreements for sales of its Hearing Products
Portfolio.
InnerScope Successfully
Launches the HearIQ Series of App Controlled Personal Sound
Amplifier Products ("PSAPs") one of the only self-fit PSAPs on the
market.
InnerScope has
anticipated the demand and need for high quality user controlled
self-fitting PSAPs with its launch of the HearIQ Series to be sold
in-store off the shelf through hundreds of Hearing Kiosks locations
ahead of the new
over-the-counter
("OTC") hearing aid law that
allows
for a new
FDA OTC hearing aid
category.
The
FDA
is expected to
release the new FDA
regulations regarding OTC hearing aids
by the
four quarter of 2020. InnerScope expects to have its Hearing
Aids/PSAP's registered with the FDA as OTC Hearing Aids when the
regulations are
released. Since FDA does not regulate
PSAPs at this time, InnerScope believes its launch of
the HearIQ Series, is
perfect timing to
establish
market share by selling its
over-the-counter HearIQ Series in-stores before the OTC
category is
enacted.
InnerScope signs an Equity
Purchase Agreement for up to $10 Million Dollars in
Stock
The
Equity Purchase
Agreement allows
InnerScope the ability, using
the proceeds from the sale of shares, not only to buy most of the
remaining convertible debt but also finance the continued
deployment of the Hearing Kiosks and its Hearing Product
Portfolio.
About InnerScope Hearing Technologies (OTCQB:
INND
InnerScope Hearing
Technologies (OTCQB:
INND) is
a rapidly expanding
consolidator of the hearing aid industry. Management is applying
decades of profitable industry experience and technology to an
antiquated and disjointed industry, unlocking scale and efficiency,
which will serve all of InnerScope's
stakeholders. Its direct-to-consumer model is revolutionizing the
industry with its Walmart.com, Sears.com
and Kmart.com
relationship
representing a paramount shift in the consumption of hearing aids
by the hearing impaired.
In
addition, InnerScope
plans to
continue to open,
acquire,
and operate
a
physical
chain
of clinicsaid
audiological and
retail hearing . InnerScope's
mission
is to serve approximately
1.2 billion people around the globe that are
suffering with 25db or greater hearing
loss across the entire
hearing impaired vertical from R&D and manufacturing through
direct consumer sales and services. For more information,
please visit: www.innd.com. For
the Most
Up-to-Date information about InnerScope Hearing Technologies
(OTCQB: INND), please visit and follow our Official
Twitter
account @inndstock
Page. https://twitter.com/inndstock
Safe Harbor
This news
release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, that are
intended to be covered by the "safe harbor" created by those
sections. Any statements that are not historical facts contained in
this press release are also "forward-looking statements" as that
term is defined under the Private Securities Litigation Reform Act
of 1995 (PSLRA). Such statements may be identified by words such as
"expects," "plans," "projects," "will," "may," "anticipates,"
"believes," "should," "intends," "estimates," and other words of
similar meaning. Such forward-looking statements are based on
current expectations, involve known and unknown risks, a reliance
on third parties for information, transactions or orders that may
be cancelled, and other factors that may cause our actual results,
performance or achievements, or developments in our industry, to
differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from anticipated results include risks and uncertainties
related to the fluctuation of global economic conditions, the
performance of management and our employees, our ability to obtain
financing or maintain contractual relationships with vendors and
customers, competition, general economic conditions and other
factors that are detailed in our periodic reports filed with the
Securities and Exchange Commission ("SEC"). We intend that all
forward-looking statements be subject to the safe-harbor provisions
of the PSLRA, Securities Act and Securities Exchange
Act.
Contact
InnerScope Hearing
Technologies,
Inc.
Investor
Relations
Info@innd.com
916-218-4100
www.innd.com
For the
Most Up-to-Date information about InnerScope Hearing Technologies
(OTCQB: INND), please visit and follow our Official Twitter account
@inndstock
Page.
https://twitter.com/inndstock
Walmart.com
Sears.com
Kmart.com
Point of Sale Hearing
Screening Retail Kiosks
InnerScope signs
Retail/Wholesale Distribution Agreement
InnerScope signs a
Strategic Alliance & Distribution Agreement
InnerScope Successfully
Launches the HearIQ Series of App Controlled Personal Sound
Amplifier Products ("PSAPs") one of the only self-fit PSAPs on the
market.
InnerScope signs an Equity
Purchase Agreement for up to $10 Million Dollars in
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