InnerScope Hearing Technologies (OTCQB: INND) Signs an Equity Purchase Agreement for up to $10 Million of Stock
September 17 2019 - 8:00AM
InvestorsHub NewsWire
InnerScope Hearing Technologies (OTCQB:
INND) Signs an Equity Purchase
Agreement for up to $10 Million of
Stock
The Equity Purchase
Agreement should support the significant sales momentum InnerScope
has generated through potential multiple Distribution Agreements
for its Point of Sale Hearing Screening Retail Kiosks (“Hearing
Kiosks”) and its affordable Hearing Product Portfolio along with
continuing to support its
Key Growth
Initiatives
ROSEVILLE, CA --
September 17, 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 that
it has entered into an
Equity Purchase Agreement (the "Equity Agreement") with
Oscaleta Partners LLC
("Oscaleta"), that
should
enable
InnerScope
to
access to
capital over the next 2 years to support its current growth
plans. The terms of the Equity Agreement will give InnerScope
the right, but NEVER THE OBLIGATION, to sell to Oscaleta
up to $10,000,000
worth of
InnerScope's registered common stock over an anticipated
2-year
period at times and
in
amounts
that InnerScope deems
appropriate.
Under the
terms of the Equity Agreement,*following
the effectiveness of a registration
statement
to
be filed with
the
Securities and Exchange Commission registering
for
resale by Oscaleta the shares
to
be sold to Oscaleta
pursuant to the Equity Agreement,
InnerScope has the
right to deliver from time to
time put
notices
to
Oscaleta
stating the dollar amount of
InnerScope
shares
to be
sold to Oscaleta (with no minimum or
maximum dollar amount per put
notice,
but with Oscaleta's
obligation to purchase shares limited by Oscaleta's 9.99%
ownership cap, and with the aggregate number
of shares to be sold (not to
exceed the $10,000,000
total dollar commitment amount). The Purchase Price is
calculated at eighty-five (85%) percent of the market price per
share with a guarantee Floor Price no lower than eighty (80%)
percent of the average of the Closing Prices for the
five (5)
trading
days immediately preceding the date of the put
notice.
The Equity Agreement
will hopefully
allow
InnerScope the
ability to buy back most if not
all
remaining convertible debt and
finance
its national rollout of 1000+
Hearing Screening Retail Kiosks, including
the
deployment of
its in-store
affordable Hearing
Product Portfolio to be sold
within pharmacy chains and
major "Big Box" retailers. Given
that
InnerScope's national rollout has
already started with the previously announced signed Agreements with BONUM
HEALTH, the Equity
Agreement should
assist in
financing InnerScope's
current
ramp-up and deployment of the 200
Hearing
Kiosks and its Hearing Product Portfolio in 200
locations in 29 states inside BENZER
PHARMACY of independent and corporate-owned network of
retail pharmacies. Additionally, The Equity Agreement
should
also
support
InnerScope's
continued
efforts
in developing new strategic
distribution partnerships for its "Sales Revenue Pipeline" along
with supporting its "Key Growth
Initiatives".
Stephen
Hicks, one
of
Oscaleta's
principals, stated, "We are
pleased to form this long-term capital
partnership with InnerScope. We are also very confident in the
management and excited to play a key role in
InnerScope's ability to continue
its growth plans of deploying Hearing Kiosks in thousands of
locations nationwide for distributing and selling of its
Hearing Products."
Matthew Moore, CEO of InnerScope Hearing
Technologies, commented, "The Equity
Agreement is GREAT NEWS for InnerScope moving forward, since
it should allow us to take
back control of the market, as
for as toxic dilution
of InnerScope's stock, in contrast
to the current noteholders who have all of the
optionality. We are also
excited about the favorable terms of this
equity investment and are looking forward to using the
proceeds from the sale of InnerScope's common
stock to Oscaleta to retiring most, if not
all, toxic convertible notes as well as
providing a healthy stand-by capital
facility to further solidify and support our current "Sales Revenue
Pipeline" and our "Key Revenue Growth Initiatives" for
continuing to disrupt the $10 billion dollar global hearing aid
industry."
* Further details regarding the terms of
the Equity Agreement are found in our Current Report on Form
8-K (the "Form 8-K") being filed with
Securities and Exchange Commission concurrently with
this press release. The description of the terms
of the Equity Agreement herein are qualified in
their entirety by reference to the actual terms of the
Equity Agreement filed as an exhibit to the Form
8-K.
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
ofics
clinaid
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
national rollout of
1000+ Hearing Screening Retail Kiosks
signed Agreements with
BONUM HEALTH
"Key Growth
Initiatives".
Innerscope Hearing Techn... (PK) (USOTC:INND)
Historical Stock Chart
From Aug 2024 to Sep 2024
Innerscope Hearing Techn... (PK) (USOTC:INND)
Historical Stock Chart
From Sep 2023 to Sep 2024