InnerScope Hearing Technologies Signs LOI for Exclusive Distribution & Licensing of Patented Self-Fitting Hearing Aid Devices
June 08 2018 - 09:45AM
InvestorsHub NewsWire
The Company signs an LOI with AlgorKorea Co.
Ltd. for its patented iNR 64PS2 and iClear SR self-fitting wireless
type Smart Digital Hearing Aid Devices direct-to-consumer through
its www.nohasselehearing.com
eCommerce
store.
ROSEVILLE, CA. -- June 08, 2018 -- InvestorsHub
NewsWire -- InnerScope Hearing Technologies Inc. (OTCQB:
INND) announced today an executed LOI with AlgorKorea Co. Ltd.
for an Exclusive U.S. and Canada Supply and Distribution License
Agreement for AlgorKorea’s patented iNR 64PS2 and iClear SR
self-fitting hearing aid devices. In addition, the Agreement
will give the Company the exclusive right to freely use
AlgorKorea’s seven U.S. patents and whereby establishes a sales
partnership through the year of 2021 with an automatic 3-year
renewal. This Agreement will allow the Company the ability to offer
Self-Fitting hearing aid devices Direct-To-Consumer through
its www.nohasselhearing.com eCommerce store.
InnerScope plans to release “InnerScope hearIQ”,
its own branded label of self-fitting apps for iOS and Android
mobile phones as soon as the Definitive Agreement from the LOI is
executed. At which time, InnerScope will begin to offer
AlgorKorea’s iNR 64PS2 self-fitting hearing aid devices on its
eCommerce store.
The iNR
64PS2 a 64 Channel and iClear SR a 20 Channel are both Wireless
Bluetooth Low Energy (BLE) Receiver-In-Ear (RIC) type Smart Digital
Hearing Aid Devices with Self-Fitting Apps for both iOS and Android
mobile devices. The iClear SR is a fully rechargeable system which
does not requires traditional hearing aid batteries. Both iNR 64PS2
and iClear SR are specifically designed for a simpler and more
convenient way for the user to self-fit and control the hearing aid
devices almost instantly through the smartphone apps. Using the
app, the user can perform a frequency specific self-hearing test
through the hearing aid devices, which allows the self-fitting
algorithms to adjust the devices automatically to the users hearing
loss. At which point, through the app, the user can fine tune the
devices to their liking and be able to control and personalize many
different and challenging hearing environments for a better hearing
experience.
“AlgorKorea’s innovative hearing
technology is not only a game changer for InnerScope but also for
the 48 million people in the U.S alone that struggle daily with
hearing issues,” said Matthew Moore, CEO of InnerScope Hearing
Technologies. “This revolutionary self-fitting hearing aid
technology will truly change the way and how hearing aid devices
are dispensed in the world today. Traditionally, most of the
hearing aid devices in the world are sold and dispensed by hearing
healthcare professionals, through brick and mortar clinics. The
reason up to now, has been very clear, hearing aids devices are
very sophisticated tiny computers that needed a lot of fine tuning
adjustments done through and by professionals. Hearing aid
technology over the years has advanced tremendously, however still
required the user many trips to the hearing professional clinic for
the hearing aids to personalized to the user’s liking. This
traditional delivery model has made hearing aids very expensive and
is one of the main reason why most people do not seek help for
their hearing problem.
“Today, with AlgorKorea’s hearing
technology, InnerScope can deliver the same type of hearing aid
device technology that is offered in the professional hearing
clinics using this innovative user self-fitting delivery system
through the user apps. Which gives InnerScope the completive
edge and the ability to offer manufacturers pricing
direct-to-consumer, bypassing the audiological clinic service and
adjustment markups. We believe, given the choice consumers
want a cost-savings, easy, simple and convenient way to seek out
hearing solutions hassle-free. InnerScope has provided such a
delivery model for those consumers through www.nohasslehearing.com,” Mr. Moore concluded.
About InnerScope Hearing Technologies
(INND):
InnerScope Hearing Technologies (INND) is a
technology driven company with highly scalable B2B and B2C
solutions. The Company plans on offering a B2B SaaS based Patient
Management System (PMS) software program, designed to improve operations and communication
with patients. INND also offers a
Buying Group experience for audiology practice, enabling owners to
lower product costs and increase their margins. INND will also
compete in the DTC (Direct-to-Consumer) markets with its own line
of “Hearable”, and “Wearable” Personal Sound Amplifier Products
(PSAPs) and revolutionary APPs on the iOS and Android
markets.
INND has
plans on opening, operating and expanding a chain of audiological
and retail hearing device clinics. INND’s seasoned team of
professionals, with collectively over 200+ years of experience in
the hearing aid industry, including successful operations in
hearing aid manufacturing and retail store management. Our team has
the knowledge, relationships, and the experience to quickly deploy
new products and software to serve approximately 1.2 billion people
around the globe that are suffering with 25 db or greater hearing
loss. For more information, please visit: www.innd.com
About AlgorKorea Co.
Ltd.
AlgorKorea located in Seocho-Gu,
Seoul, South Korea, is an IT (Information and Technology) venture
company which started in 2008, specialized in manufacturing digital
hearing aids & ultra-miniature DSP IC embedded firmware and
control technology. For more information, please visit: www.hearing-aids.co.kr
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:
Investor Relations Contact
Andrew Barwicki
516-662-9461
Andrew@barwicki.com
InnerScope Hearing Technologies, Inc.
Matthew Moore
Matthew@innd.com
916-218-4100
www.innd.com
www.nohasslehearing.com
www.hearing-aids.co.kr
www.innd.com
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