InnerScope Hearing Technologies (OTC:
INND) Announces Favorable Restructuring of Debt and Cancellation of
$1.1 Million of Convertible Notes
Commitment Towards Eliminating All Current
Variable Price Convertible Debt
ROSEVILLE, CA -- February 3, 2022 --
InvestorsHub NewsWire -- InnerScope Hearing Technologies Inc.
(OTC:
INND) ("InnerScope"), an emerging and disruptive leader in the
Direct-to-Consumer Hearing Technology space, today announced that
it has successfully negotiated the cancellation of a series of
variable price convertible notes, with a total principal amount of
$1.1 million held by GS Capital Partners, LLC ("GS Capital")
resulting in a favorable restructuring of its financing
agreements.
As a result of these transactions,
InnerScope has eliminated nearly half of its outstanding variable
price convertible notes. The Company anticipates eliminating
the remainder of its current variable price convertible notes in
several weeks.
Matthew Moore, President, and CEO of
InnerScope commented: "InnerScope is pleased to enter into these
shareholder-friendly financing arrangements, which enhances our
balance sheet and capital structure. We appreciate the support from
GS Capital in completing this transaction, as they continue to be a
strong financial partner for us. We will work diligently to achieve
the most attractive financing terms that support our growth and
maximize value for our shareholders," concluded Mr.
Moore.
About InnerScope Hearing
Technologies, Inc. (OTC PINK:
INND):
InnerScope Hearing Technologies Inc.
is a leading
Direct-to-Consumer (DTC) manufacturer and distributor of
FDA-registered hearing aids, hearing assistive devices, hearing
health-related products, and Personal Sound Amplifier Products
(PSAPs) ("Hearing Products") dedicated to addressing the global
demand for affordable hearing solutions. InnerScope's Hearing
Products and its business model break through the persistent
barriers that prevent access to effective hearing
solutions.
InnerScope's recent acquisition of iHear Medical
Inc., a
DTC cloud-based hearing solution provider, gives the Company access
to over 40 patents and an FDA-registered manufacturing and R&D
facility. In addition, InnerScope has acquired HearingAssist,
an established leader in
the direct-to-consumer hearing aid market with a customer base of
over 400,000. These acquisitions, combined with a partnership
with Atlazo Inc., a semiconductor innovator for
next-generation AI smart devices, will allow InnerScope to better
position itself in the direct-to-consumer hearing solutions market
by selling advanced hearing products through Walmart and other
major retailers.
InnerScope's full line of Hearing
Health products is currently available through these multiple
retail/wholesale channels: Walmart.com, Amazon.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, and Cardinal Health dba RGH
Enterprises Inc. Additional major retailers in-store and online are
launching soon.
For information related to InnerScope
Hearing Technologies latest hearing aids and related hearing
products, please visit:
http://iheardirect.com
http://hearingassist.com
http://innd.com
For the most up-to-date information
about InnerScope Hearing Technologies (OTC:
INND), please visit and follow our official Twitter account
@inndstock page:
https://twitter.com/inndstock
InnerScope Hyperlinks:
HearingAssist
hearing assist - Walmart.com
Acquisition of iHear Medical Inc.
Acquisition of HearingAssist
Direct-to-Consumer Hearing Products.
InnerScope's Hearing Health Flexible
Subscription Plans
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 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 canceled, 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
("S.E.C."). 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
ir@innd.com
833-788-0506
www.innd.com
Investor Relations Agency Contact:
Skyline
Corporate Communications Group, LLC
Lisa Gray,
Senior Account Manager
One
Rockefeller Plaza, 11th Floor
New York,
NY 10020
Office:
(646) 893-5835
Email: lisa@skylineccg.com
For the most up-to-date information
about InnerScope Hearing Technologies (OTC:
INND), please visit and follow our official Twitter account
@inndstock page.