ROSEVILLE, CA, Dec. 20, 2022 (GLOBE NEWSWIRE) -- InnerScope Hearing Technologies Inc. (OTC: INND) ("InnerScope"), an emerging and disruptive leader in the Over-the-Counter (OTC) Hearing Aid space today announced it had signed a Memorandum of Understanding ("MOU") with NUHEARA Limited (ASX: NUH) ("NUHEARA"), a Medical device and consumer electronics manufacturer listed on the Australian Stock Market. The MOU intends to create a strategic partnership to build a strong market share in the US Over-the-Counter ("OTC") hearing aid market.
The partnership gives InnerScope licensing rights, clinical know-how, and support to its patents and NUHEARA's FDA-Cleared OTC Self-Fitting Hearing Aid Technology to be integrated into InnerScope's OTC Hearing Aids. In addition, InnerScope has status as the exclusive 3rd-party retail chain distributor for the sale of NUHEARA's products, including its FDA-Cleared OTC Self-Fitting HP Hearing PRO hearing aid (Nuheara Receives Historic FDA Clearance for Self-Fitting and Launches HP Hearing PRO). NUHEARA has a license agreement with HP Inc., to manufacture and market OTC hearing aid products under the HP brand, the HP Hearing PRO powered by Nuheara (Nuheara Enters Worldwide Trademark License Agreement with HP Inc.). Moreover, InnerScope will be able to market and sell HP-branded OTC FDA-Cleared Self-Fitting Hearing Aids products by NUHEARA in the US. InnerScope will also provide first-level customer and warranty support for NUHEARA's products sold through InnerScope's sales channels.
The partnership also provides a major expansion for NUHEARA's footprint in the US OTC hearing aid market. NUHEARA has a partnership with Best Buy to sell its products in 300 Best Buy locations. This new partnership will allow NUHEARA products to be sold through InnerScope's ever-growing wholesale/retail distribution network of major retailers, healthcare service companies, and pharmacy chains ("InnerScope's Distribution Network").
Justin Miller, Co-Founder and Managing Director of NUHEARA, commented, "We are delighted to enter into this partnership with InnerScope, significantly increasing NUHEARA's retail points of sale in the US OTC hearing aid market. InnerScope has been a leader and innovator in the US hearing industry by bringing affordable hearing aid technology direct to US consumers. We look forward to a long and prosperous partnership with InnerScope as we build market share in the US OTC hearing aid market." Additionally, we are excited about InnerScope marketing and selling NUHEARA's products within InnerScope's Distribution Network, especially our HP Hearing PRO FDA-Cleared Self-Fitting OTC Hearing Aids. Since we have received US FDA clearance and ISO medical device quality certification, we are now manufacturing the HP Hearing PRO hearing aids to be shipped in late January / early February 2023 to retail partners."
Matthew Moore, President and CEO of InnerScope Hearing Technologies, commented, "We are excited to work with NUHEARA's management team to build a strong partnership. This partnership gives NUHEARA access to InnerScope's Distribution Network. In addition, the partnership gives InnerScope the ability to integrate NUHEARA's FDA-Cleared OTC Self-Fitting Hearing Aid Patent Technology ("FDA-Cleared Self-Fitting Technology") into InnerScope's HearingAssist, and iHEAR OTC Hearing Aid branded products ("InnerScope's Brands of OTC Hearing Aid Products"). Integrating the FDA-Cleared Self-Fitting Technology into InnerScope's Brands of OTC Hearing Aid Products will provide InnerScope the ability to offer and market InnerScope OTC Hearing Aids as FDA-Cleared Self-Fitting Hearing Aids. In addition, we are equally excited to have NUHEARA give InnerScope status as the exclusive 3rd-party distributor who can market and sell the HP Hearing PRO FDA-Cleared Self-Fitting OTC Hearing Aids through InnerScope's Distribution Network. The HP brand is a well-known and respected brand, and we are proud to add the HP Hearing PRO powered by NUHEARA into InnerScope's Brands of OTC Hearing Aid Products."
About HP Hearing PRO Self-Fitting OTC Hearing Aids
HP Hearing PRO | Advanced FDA-Cleared Self-Fitting OTC Hearing Aids are innovative products that look nothing like a traditional hearing aid. Built to medical device standards and meeting all FDA requirements for safety and efficacy, the HP Hearing PRO features the Ear ID™ self-fitting software and technology powered by Nuheara. The Ear ID™ has been clinically proven to be substantially equivalent to a professionally fit hearing aid4. The proprietary Ear ID™ software tests the wearer's individual hearing thresholds from low frequency to high frequency in each ear, then automatically programs the HP Hearing PRO hearing aids for each ear. This ability for the consumer to self-fit through the HP Hearing application for iOS and Android platform mobile devices allows a quick and easy acclimation experience for the consumer. The entire acclimation experience takes about 10-15 minutes, from unboxing through customization of the user's personalized profile to accommodate their perceived mild to moderate hearing loss.
In addition to the HP Hearing PRO's capabilities as an OTC hearing aid, this innovative product streams media and phone calls via Bluetooth®. The Active Noise Cancellation minimizes background noise for an immersive sound experience when streaming phone calls or music.
Additional features include:
- HP Hearing app for iOS and Android
- Rechargeable built-in Li-ion batteries
- Charge Case for on-the-go charging
Most importantly, the HP Hearing PRO has been clinically validated[1] through research completed by the National Acoustic Laboratories to provide a 30% speech understanding improvement in the presence of noise using the directional microphone feature called Focus. This is a huge benefit for consumers in restaurants or social situations where background noise makes understanding speech difficult. Now, at the touch of the HP Hearing app, a wearer can switch the directional microphone settings to Focus on sounds towards their front, quickly allowing for immediate improvement in speech understanding.
About NUHEARA Limited (ASX:NUH)
Nuheara is a global leader in smart hearing technology which change people's lives by enhancing the power to hear. As a global pioneer in Hearable products, Nuheara developed proprietary, multi-functional, personalized intelligent hearing devices that augments a person's hearing. Nuheara is headquartered in Perth, Australia, and was the first consumer wearables technology company to be listed on the Australian Securities Exchange (ASX).
In 2016, the Company released its revolutionary wireless earbuds, IQbuds, which allow consumers to augment their hearing according to their personal hearing preferences and connect hands-free with their voice-enabled smart devices. In 2020 Nuheara released its third-generation hearable the IQbuds² MAX.
In 2021, Nuheara transformed its operations to include medical device manufacturing for its hearing aid products to meet global demand for mild to moderate hearing loss. Nuheara products are now sold Direct to Consumer (DTC) and in major consumer electronics retailers, professional hearing clinics, pharmacies, and specialty retailers around the world.
The Company's mission is to transform the way people hear by creating smart hearing solutions that are both accessible and affordable. For further information, please visit https://www.nuheara.com/.
About InnerScope Hearing Technologies, Inc. (OTC PINK: INND):
InnerScope Hearing Technologies Inc. is a manufacturer and distributor of OTC Hearing Aids, Hearing Aid Accessories & Hearing Health-Related Products ("Hearing Products") dedicated to addressing the global demand for affordable hearing solutions. InnerScope's Hearing Products and its B2C and B2B business model break through the persistent barriers that prevent access to effective and affordable hearing solutions.
InnerScope's recent acquisition of iHear Medical Inc., a Direct-to-Consumer ("DTC") cloud-based hearing solution provider, gives the Company access to over 40 patents and an R&D facility. In addition, InnerScope has acquired HearingAssist, an established leader since 2008 in the DTC 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 OTC hearing aid market by selling advanced Hearing Products through Walmart and many other major retailers and pharmacy chains.
InnerScope's full line of Hearing Products is currently available through these multiple retail/wholesale distribution channels: Walmart Vision Centers, Walmart.com, Walmart Canada, CVS.com RiteAid.com, BestBuy.com, Amazon.com, Fingerhut.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, Cardinal Health™ at-Home, Carewell.com FSAStore.com, HSAStore.com, WellDeservedHealth.com, and Topco Associates representing 1000's of stores. Coming soon: Wakefern Food Corp. / ShopRite, SpartanNash / VG's Grocery / Family Fare / Martin's Super Markets. More in-store and online Hearing Products will soon launch with major retailers and pharmacy chains.
For information related to InnerScope Hearing Technologies' latest hearing aids and related hearing products, please visit:
http://iheardirect.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
HearingAssist - Walmart.com
HearingAssist - RiteAid.com
HearingAssist - BestBuy.com
Acquisition of iHear Medical Inc.
Acquisition of HearingAssist
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
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
[1] Clinical Investigation Report: Validation of Nuheara Self-Fit Hearing Aid, Version 4,31st January 2022 by National Acoustic Laboratories, Australia
