ROSEVILLE, Calif., July 28, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- InnerScope Hearing Technologies Inc. (OTC: INND) ("InnerScope"), an emerging and disruptive leader in the Direct-to-Consumer Hearing Technology space, is pleased to announce today that its wholly-owned subsidiary HearingAssist has received $2,750,000 for its Receivable Factoring Agreement ("Factoring Agreement") with Star Funding Inc. ("Star Funding"). Subject to the terms of the 2-year Factoring Agreement, Star Funding will continue to provide funding on a transactional basis with no ceiling limit to the amount of funding.
The Factoring Agreement will provide InnerScope with needed funding to meet the demand of current, and future orders for its affordable direct-to-consumer hearing aids and other hearing-related products from its wholesale distribution network of major retailers, healthcare service companies, and pharmacy chains ("Distribution Network").
Avi Levine, Vice President of Star Funding, stated: "It has been a pleasure working with InnerScope's management team to quickly arrange the financing to meet their current and growing needs. We look forward to supporting their aggressive plans for growth by providing fast financing to ensure they can meet their customers' needs on time."
"We are very pleased to have secured Star Funding as a financial partner," said Matthew Moore, CEO of InnerScope Hearing Technologies Inc. "We have been executing our business plan (which includes our strategic 2021 acquisitions of HearingAssist and iHEAR) and building our Distribution Network over the last few years, knowing the Over-the-Counter Hearing Aid Act (the "OTC Hearing Aid Law"), once enacted, will propel and accelerate the demand for our affordable direct-to-consumer hearing aids to be sold right off the shelf in all retail stores. The OTC Hearing Aid Law is expected to be enacted within 90 days. As a result, we are rapidly receiving orders from our Distribution Network at a greater rate than ever in the company's history. Our partnership with Star Funding will provide our fast-growing company with the ability to help meet the strong market demand now and in the post-OTC Hearing Aid Law for all of our hearing products without diluting our loyal stockholders."
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, Walmart Canada, RiteAid.com, BestBuy.com, Amazon.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, and Cardinal Health dba RGH Enterprises Inc., which provides InnerScope products to FSAStore.com, HSAStore.com, & WellDeservedHealth.com. Additional in-store and online through major retailers and pharmacy chains are launching soon.
For information related to InnerScope Hearing Technologies' latest hearing aids and related hearing products, please visit:
http://iheardirect.com
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InnerScope Hyperlinks:
HearingAssist
hearing assist - Walmart.com
Acquisition of iHear Medical Inc.
Acquisition of HearingAssist
About Star Funding Inc.:
Star Funding Inc. is a privately held company that has been providing purchase order financing and accounts receivable factoring since 1999. Under these two programs, star helps growing businesses finance the production or acquisition of goods for resale. Our clients tend to be under-capitalized start-ups or fast-growing businesses in a pre-sold position with their customers. Purchase Order Funding enables undercapitalized companies to expand their businesses and sustain rapid growth. The factoring relationship offers liquidity, credit guidance and safety for a growing business. Visit us at www.starfunding.com
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 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
IR@innd.com
833-788-0506
www.innd.com
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Lisa Gray, Senior Account Manager
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: lisa@skylineccg.com
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