InnerScope Hearing Technologies (OTCQB: INND) Announces the Opening of Two More Retail Locations
June 03 2019 - 8:00AM
InvestorsHub NewsWire
InnerScope Hearing Technologies
(OTCQB:
INND) Announces the Opening of Two More Retail
Locations
InnerScope is fast
becoming the largest Audiological Hearing Aid Retail Chain
in Northern California with 11 clinics
ROSEVILLE, CA. --
June 3, 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"), announced
today
the
opening of two additional
audiological hearing aid retail
clinics under its dba
Value Audiology & Hearing Aid Center
brand
("Retail
Clinics") this
month. Following the "Grand
Opening" of the previous announced Santa Rosa Retail Clinic
on June
10th,
InnerScope is also having "Grand
Openings" the week of
June
18th
for its
Hayward ("Hayward") and South Sacramento,
("So. Sac") California
Retail Clinics. InnerScope will
have a total of 11 Retail
Clinics in Northern California including
its
Hayward
and So. Sac locations.
InnerScope
believes
it would
be the
largest
independently owned hearing aid
retail chain in Northern California (the "Largest Hearing
Aid Retail Chain") that is not part of a
franchise or
owned
by a Big
Box
chain or one of the
five
major global hearing aid manufactures i.e.
Demant - WILLIAM DEMANT
HOLDING A/S (DEMANT) (Demark),
Sonova - Sonova Holding AG
(SONVY) (Switzerland),
GN
Group GN
Store Nord A/S (GN.CO) (Demark),
W/S Audiology (Demark) and
Starkey (United
States) (collectively
the
"Global Manufactures").
The
Hayward Retail Clinic is
located
in the
heart of the city (population
160,000+) on the eastern shore
of the San Francisco Bay in Southern Alameda County
and is
part of the 25+-acre campus of the St. Rose Hospital, one of
Hayward's largest employers. The location of the
Hayward Retail Clinic is strategically placed in
between InnerScope's
Pleasanton and Fremont California locations.
With 33
cities
and a
population of 2.5 million people that make up the East
Bay Area of San Francisco ("East Bay"),
InnerScope believes its East Bay Retail Clinics (includes
its
Walnut
Creek Retail Clinic), will have a
total
market
penetration
of
12
out
of
the 33
of the largest
East Bay
cities. This allows
InnerScope to market its
affordable hearing
aid options to over 1.1 million people that will have easy
access to each location
(less than 25 miles average between locations).
InnerScope
is
also
planning
to
continue to add additional Retail Clinic locations within the
East Bay and the San Jose
California Area ("San Jose") as part of its previously
announced Retail Clinic
Expansion
Rollout
Plan for 2019. InnerScope, as the
Largest Hearing Aid Retail
Chain,
plans
to
dominate the Bay Area media market and expects
its
hearing aid sales revenues from its
East Bay
and the San Jose Retail Clinics to continue grow to
over $4.5 million dollars annually.
The
So. Sac
Retail Clinic located in the
Pocket-Greenhaven Area of South Sacramento west of
Interstate 5 has
a
population of 210,000 within 10 miles of
the location. The So. Sac Retail
Clinic together with its existing Elk Grove, Sacramento and
Roseville California
Retail
Clinics are
in prime
locations directly off all major freeways,
which
gives
InnerScope market
coverage
for the
2.4 million people living in the Sacramento Metropolitan
Area. By adding more Sacramento Area Retail locations,
InnerScope can not only increase
hearing aid sales within the
market, but also take
advantage of leveraging its media marketing expense by lowering the
cost per location. InnerScope is
currently in lease negotiation for an additional Retail Clinic
location in the Fair Oaks / Citrus Heights Area of
Sacramento. InnerScope with its
five Sacramento Area locations will be the Largest Hearing
Aid Retail
Chain
and the
largest hearing aid
advertiser
in the
Sacramento media market and
expects
its hearing aid sales
revenues for the Sacramento
market to
continue
to increase overtime to $3
million dollars annually.
"We are excited to
continue to open new Hearing Aid Retail
Clinics," said Matthew Moore,
CEO of InnerScope Hearing Technologies. "We
believe InnerScope is poised and positioned with
what we have already accomplished in a
relatively short time to disrupt
the $10 billion dollar industry by
delivering Direct-to-Consumer more
affordable Hearing and Hearing Health Products
across all distribution
channels."
"Being third
generation in the hearing industry, I have
witnessed
major
changes over the years within the industry. With the biggest change
being "Vertical and Forward
Integration" by
the
Global
Manufacturers along
with the Global
Manufactures consolidating
due to "Horizontal Integration"
which
has
created intense competition within the industry. The
independent hearing healthcare
professionals ("HCPs")
now have
to directly compete against their hearing aid supplier in
their own
marketplace. It is
estimated that almost 60% of
all
audiological retail clinics in the U.S. are
either owned by Global
Manufactures or is
part of
a franchise, like
Miracle Ear owned by
world's largest hearing
aid retailer Amplifon - Amplifon
SpA
(AMP.MI), an Italian
publicly
traded company.
Under this current hearing aid distribution
model,
the
Global Manufactures
get to share in only an estimated 14% to 20%
hearing aid adoption and market penetration rate. Which
means, due to high
cost (average
price
range
between $4,000 to $9,000
a
pair) and low
accessibility (Global Manufactures
only sell and distribute to the HCPs) upwards of 86% of the
total hearing aid market is being underserved," continued
Mr.
Moore.
"InnerScope can do what the Global Manufacturers
can't.
InnerScope with its disruptive
hearing technology and innovative delivery system
can
offer the
86% of the
underserved
market its affordable
(average
price
range
between $750
to
$3995
a
pair) FDA-Registered
high-quality patented
Hearing aids and related Hearing
Products
Direct-to-Consumer
across
all
distribution
channels, including
its
Retail Clinics, Walmart.com, Sears.com,
Kmart.com,
and soon
to be major global Big Box and
Pharmacies chains," Mr. Moore concluded.
About InnerScope Hearing Technologies
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 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. 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
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
Value Audiology & Hearing Aid
Center
Walmart.com
Sears.com
Kmart.com
"Vertical and Forward
Integration"
"Horizontal
Integration"
Demant
Sonova
GN
Group
W/S
Audiology
Starkey
Amplifon
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
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