ROSEVILLE, Calif., June 03, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- 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.
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www.innd.com
Value Audiology & Hearing Aid Center
"Vertical and Forward Integration"
For the Most Up-to-Date information about InnerScope Hearing Technologies (OTCQB: INND), please visit and follow our Official Twitter account @inndstock Page.