ROSEVILLE, Calif., June 08, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- InnerScope Hearing Technologies Inc. (OTCQB:INND) announced today an executed LOI with AlgorKorea Co. Ltd. for an Exclusive U.S. and Canada Supply and Distribution License Agreement for AlgorKorea’s patented iNR 64PS2 and iClear SR self-fitting hearing aid devices. In addition, the Agreement will give the Company the exclusive right to freely use AlgorKorea’s seven U.S. patents and whereby establishes a sales partnership through the year of 2021 with an automatic 3-year renewal. This Agreement will allow the Company the ability to offer Self-Fitting hearing aid devices Direct-To-Consumer through its www.nohasslehearing.com eCommerce store.
InnerScope plans to release “InnerScope hearIQ”, its own branded label of self-fitting apps for iOS and Android mobile phones as soon as the Definitive Agreement from the LOI is executed. At which time, InnerScope will begin to offer AlgorKorea’s iNR 64PS2 self-fitting hearing aid devices on its eCommerce store.
The iNR 64PS2 a 64 Channel and iClear SR a 20 Channel are both Wireless Bluetooth Low Energy (BLE) Receiver-In-Ear (RIC) type Smart Digital Hearing Aid Devices with Self-Fitting Apps for both iOS and Android mobile devices. The iClear SR is a fully rechargeable system which does not requires traditional hearing aid batteries. Both iNR 64PS2 and iClear SR are specifically designed for a simpler and more convenient way for the user to self-fit and control the hearing aid devices almost instantly through the smartphone apps. Using the app, the user can perform a frequency specific self-hearing test through the hearing aid devices, which allows the self-fitting algorithms to adjust the devices automatically to the users hearing loss. At which point, through the app, the user can fine tune the devices to their liking and be able to control and personalize many different and challenging hearing environments for a better hearing experience.
“AlgorKorea’s innovative hearing technology is not only a game changer for InnerScope but also for the 48 million people in the U.S alone that struggle daily with hearing issues,” said Matthew Moore, CEO of InnerScope Hearing Technologies. “This revolutionary self-fitting hearing aid technology will truly change the way and how hearing aid devices are dispensed in the world today. Traditionally, most of the hearing aid devices in the world are sold and dispensed by hearing healthcare professionals, through brick and mortar clinics. The reason up to now, has been very clear, hearing aids devices are very sophisticated tiny computers that needed a lot of fine tuning adjustments done through and by professionals. Hearing aid technology over the years has advanced tremendously, however still required the user many trips to the hearing professional clinic for the hearing aids to personalized to the user’s liking. This traditional delivery model has made hearing aids very expensive and is one of the main reason why most people do not seek help for their hearing problem.
“Today, with AlgorKorea’s hearing technology, InnerScope can deliver the same type of hearing aid device technology that is offered in the professional hearing clinics using this innovative user self-fitting delivery system through the user apps. Which gives InnerScope the completive edge and the ability to offer manufacturers pricing direct-to-consumer, bypassing the audiological clinic service and adjustment markups. We believe, given the choice consumers want a cost-savings, easy, simple and convenient way to seek out hearing solutions hassle-free. InnerScope has provided such a delivery model for those consumers through www.nohasslehearing.com,” Mr. Moore concluded.
About InnerScope Hearing Technologies (INND):
InnerScope Hearing Technologies (INND) is a technology driven company with highly scalable B2B and B2C solutions. The Company plans on offering a B2B SaaS based Patient Management System (PMS) software program, designed to improve operations and communication with patients. INND also offers a Buying Group experience for audiology practice, enabling owners to lower product costs and increase their margins. INND will also compete in the DTC (Direct-to-Consumer) markets with its own line of “Hearable”, and “Wearable” Personal Sound Amplifier Products (PSAPs) and revolutionary APPs on the iOS and Android markets.
INND has plans on opening, operating and expanding a chain of audiological and retail hearing device clinics. INND’s seasoned team of professionals, with collectively over 200+ years of experience in the hearing aid industry, including successful operations in hearing aid manufacturing and retail store management. Our team has the knowledge, relationships, and the experience to quickly deploy new products and software to serve approximately 1.2 billion people around the globe that are suffering with 25 db or greater hearing loss. For more information, please visit: www.innd.com
About AlgorKorea Co. Ltd.
AlgorKorea located in Seocho-Gu, Seoul, South Korea, is an IT (Information and Technology) venture company which started in 2008, specialized in manufacturing digital hearing aids & ultra-miniature DSP IC embedded firmware and control technology. For more information, please visit: www.hearing-aids.co.kr
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:
Investor Relations Contact
Andrew Barwicki
516-662-9461
Andrew@barwicki.com
InnerScope Hearing Technologies, Inc.
Matthew Moore
Matthew@innd.com
916-218-4100
www.innd.com
www.nohasslehearing.com
www.hearing-aids.co.kr
www.innd.com
