InnerScope Hearing Technologies (OTC: INND), an emerging and disruptive leader in the direct-to-consumer (“DTC”) hearing technology space, through its wholly owned subsidiary HearingAssist II Inc., has received $2.75 million in funding. The funding is available through a receivable factoring agreement with Star Funding Inc. According to the announcement, Star Funding will provide funding for INND on a transactional basis with no ceiling limit to the amount of funding. The company noted that the funding will be used to meet the demands of current and future orders for its proprietary, affordable DTC hearing aids and other hearing-related products from its wholesale distribution network of major retailers, healthcare service companies, and pharmacy chains. “We are very pleased to have secured Star Funding as a financial partner,” said InnerScop Hearing Technologies CEO Matthew Moore in the press release. “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, 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.”
To view the full press release, visit https://ibn.fm/2ZotQ
About InnerScope Hearing Technologies Inc.
InnerScope 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”) 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. The company’s recent acquisition of iHear Medical Inc., a DTC cloud-based hearing solution provider, gives InnerScope access to more than 40 patents and an FDA-registered manufacturing and R&D facility. InnerScope also acquired HearingAssist, an established leader in the direct-to-consumer hearing aid market with a customer base of more than 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 DTC hearing-solutions market by selling advanced hearing products through Walmart and other major retailers. For more information, please visit www.INND.com.
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://ibn.fm/INND
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