InnerScope Hearing Technologies Inc. Announces A New Corporate Owned Audiological Hearing Aid Retail Clinic Location
December 04 2018 - 7:45AM
InvestorsHub NewsWire
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InnerScope Hearing Technologies
Inc. Announces A
New Corporate Owned
Audiological Hearing Aid Retail Clinic
Location
InnerScope continues to
deliver on its accelerated growth
plans by continuing to
open new corporate owned
audiological hearing aid
retail clinics in
Northern California.
Roseville, CA
--
December
4,
2018 -- Investorshub
NewsWire -- InnerScope Hearing
Technologies Inc. (OTCQB:
INND), a manufacturer
and direct-to-consumer
distributor of
hearing aids and related
hearing
products,
announces it has signed a lease
for a new corporate owned
audiological hearing aid retail clinic located in
Sacramento, California (the
"Sac
Clinic").
The opening of the Sac Clinic,
dba
Value Audiology &
Hearing Aid Center is part of
InnerScope's 6 to 12 month
Northern
California Audiological Clinic Expansion Plan, (the "Rollout
Plan") as
previously announced. The Sac Clinic
will give
InnerScope a total
of 5 corporate owned
audiological hearing aid retail clinics in Northern California
("Retail
Clinics")
(includes
Value
Hearing Aid Center's
two
location pending
acquisition) out of
the 22 Retail Clinics in the
Rollout Plan with expected
total
gross revenue from
the 5
locations in hearing aid
sales to exceed
$3.2 million in annual
revenue with a 20% to 30% EBITA.
InnerScope
anticipates the Sac Clinic will be
opened
and fully operational by
the end of December
2018. InnerScope is
confident the Sac Clinic
is going
to be one of the highest producing revenue locations of the Retail
Clinics. The Sac Clinic is located in one of the
areas
that have the highest
density of
senior
population
in
the Sacramento
region.
Given
that the founders of
InnerScope
have 30+
years owning and operating
Retail
Clinics in the Sacramento region and with one of their
previous
locations
being
in that
exact area as the Sac Clinic
location, InnerScope
expects the Sac Clinic to
produce
annual
revenues
exceeding
$1.2m in
gross sales with approximately
$200 to $300k in net profit. InnerScope
has
already
trained and hired the
experienced and
licensed hearing healthcare
professional for
the Sac
Clinic.
With
InnerScope successfully delivering on its Rollout Plan combined
with its
Retail
Clinic acquisitions and its eCommerce DTC
online stores, (including
Walmart.com
for InnerScope's hearing aids) InnerScope
is
planning
to
be able
to meet the listing
requirements for up listing to the Nasdaq Stock Exchange.
InnerScope
anticipates reporting healthy profits in the coming quarters,
which will
help
InnerScope to
meet
all
of the requirements
including the
$5
million in Stockholders Equity, the
number of
Shareholders, and
the
Market Value of
Publicly Held Shares.
"InnerScope
is
continuing to push
the traditional hearing aid distribution boundaries in the
U.S. by
providing
consumers
several options to purchase
hearing aids at factory direct
prices," said Matthew Moore,
CEO of InnerScope Hearing Technologies. "InnerScope
is
successfully building
two
separate Direct-to-Consumer ("DTC")
hearing
aid
distribution channels,
an
eCommerce
DTC
online
hearing
aid stores and
DTC
Retail Clinics. Despite,
both
of the
channels are
DTC
distribution
channels, which offer the same
factory
direct prices;
the sales
and delivery process are very different. InnerScope's
DTC
eCommerce
online hearing aid
stores (includes
Walmart.com
for InnerScope's hearing aids) provides a
modern
day innovative approach for consumers
to
access and purchase high
quality hearing aids online shipped
directly to their home without seeking a
hearing care professional. However,
InnerScope's
DTC
Retail
Clinics provides the more
traditional brick and mortar
hearing aid sales and delivery
model, which the
senior population
still
tends to
gravitate
towards
since
there has been
no
other
options," continued Mr.
Moore.
"We believe
InnerScope, with its two DTC
distribution channels, is on the forefront
of creating a paradigm shift within the
industry, not only how hearing
aids are
sold and
delivered to the consumer, but also how hearing
health issues
will be
delivered in the future.
Although,
currently
most of
the $4 to $5 billion in annual U.S. hearing aid sales
(approximately only 2 million people purchasing every year of the
potential 48 million that may benefit using
hearing aids) comes from
the
15,000+ brick and mortar
hearing aid clinics. Which is
the
reason we are confident
in knowing
InnerScope's
Retail
Clinics will generate immediate revenue and market share.
With every Retail
Clinic we open in any market with the manufacturing
agreement that we have
with
Zounds Hearing
Inc., will
give
us
a
big
competitive edge over
every other hearing
aid retailer in the
market. The
competitors just can't compete
with the retail
price
points and margins we have on our hearing aid
products nor with the numerous media
marketing agreements and hearing aid sales experience
that
InnerScope
possesses.
This will allow InnerScope to
continue
to
grow
market
share
with
every new or acquired Retail Clinic," Mr. Moore
concluded.
About InnerScope Hearing Technologies
("INND")
InnerScope Hearing
Technologies (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
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 audiological and
retail hearing device clinics. InnerScope's
mission
is to serve approximately
1.2 billion people around the globe that are suffering with 25 db
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
Safe Harbor
This
presentation contains forward-looking statements,
which relate to future
events or InnerScope Hearing Technologies future performance or
financial condition. Any statements that are not statements of
historical fact (including statements containing the words
"believes," "should," "plans," "anticipates," "expects,"
"estimates" and similar expressions) should also be considered to
be forward-looking statements. These forward-looking statements are
not guarantees of future performance, condition or results and
involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as
result of a number of factors, including those described from time
to time in InnerScope Hearing Technologies filings with the
Securities and Exchange Commission. InnerScope Hearing Technologies
undertakes no duty to update any forward-looking statements made
herein.
Contact
InnerScope Hearing
Technologies,
Inc.
Investor
Relations
Info@innd.com
916-218-4100
www.innd.com
Walmart.com
for InnerScope's hearing aids
Value Audiology
& Hearing Aid Center Website:
www.ValueAudiology.com
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