Global "Big Box Retailers" targeted as INND continues disruptive innovation and distribution in $9 billion-dollar global market
ROSEVILLE, Calif., Feb. 04, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- InnerScope Hearing Technologies Inc. (INND) a manufacturer and Direct-to-Consumer ("DTC") distributor/retailer of FDA-Registered Hearing Aids, ("Hearing Products") announces the launching of its "NEXUS" brand of Smartphone User Controlled Self-Fitting Hearing Aid Hearing Products ("NEXUS"). The launch of the NEXUS is InnerScope's next generation of high quality cutting-edge patented hearing aid technology of affordable hearing aids. The manufacturing of the NEXUS is the result of InnerScope's previously announced 10-Year manufacturing and partnership agreement with Zounds Hearing Inc.
InnerScope, as a direct ship wholesale vendor for Walmart.com, will begin to offer the NEXUS to Walmart.com customers as well as through its own multiple eCommerce DTC channels and other large eCommerce retailers which allows consumers the ability to have 24-hour easy access to individualized and personalized high quality patented hearing aid technology at their fingertips without leaving their home. Additionally, InnerScope will be offering the NEXUS to be purchased through multiple Global Big Box Retailers. The NEXUS will give InnerScope the ability to continue to disrupt the current traditional hearing aid professionally affiliated dispensing channel with its affordable DTC online or in-store user controlled "Self Fitting" hearing aids versus the alternative to the current high cost of professionally fitted hearing aids.
Currently, the $9 billion dollar global hearing aid industry has only approximately 15% consumer adoption and market penetration rate, primarily through the traditional professionally affiliated dispensing channel. Which leaves 85% or about one billion people (approximately 40 million in the U.S. alone may benefit using hearing aids, since Medicare does not cover the cost of hearing aids) that have reported to have some hearing issues but have decided not purchase hearing aids, mainly due to the high cost (average cost of $2,400 per hearing aid in the U.S.), inconvenience and the lack of accessibility to affordable hearing aids. Moreover, there is an ongoing growing shortage of hearing care professionals especially in the U.S. market, so the current number of professionals even with the slightest increase in the hearing aid adoption rate would not be able to handle or serve the customers, let alone the true number of people who really need hearing aids.
InnerScope, given the experience with Walmart.com customers with InnerScope's ALPHA Hearing Products (which carries a Five Star-Rating by Walmart.com customers), believes the consumers are going to like the convenience of buying and the simplicity of wearing a "Self Fitting" Hearing Aid with the latest in high-tech features that are built into the NEXUS. InnerScope also believes offering a "Self Fitting" Hearing Aid, like the NEXUS, especially through large eCommerce DTC channels such as Walmart.com and/or other Global Big Box Retailers will have a huge impact on increasing the current overall global consumer hearing aid adoption and market penetration rate.
"The NEXUS and its patented Self-Fitting Technology is a major breakthrough for InnerScope," said Matthew Moore, CEO of InnerScope Hearing Technologies.
"Actually, Self-Fitting Hearing Aid Technology is going to be a "Game Changer" for the entire hearing aid industry. We are proud to have thrown our hat into the hearing aid manufacturing arena with our own Self-Fitting Technology with the development of the NEXUS. We anticipate the NEXUS will result in more people buying hearing aids due to the easy, simple and almost effortless transaction. This could result in InnerScope alone significantly increasing the overall hearing aid market penetration rate (which was about 4 million hearing aids sold in the U.S. in 2018) by adding potentially billions of dollars of InnerScope hearing aid sales to the global hearing aid industry," Mr. Moore continued.
"As consumer electronics have become smaller, more powerful and able to connect via Smartphone, manufactures are jumping on the ban wagon to produce all kinds of electronic products with artificial intelligence intended for the users overall health and well-being. InnerScope wants everyone to realize, just like all the other consumer electronics, Self-Fitting hearing aids are the next wave of consumer electronic products to help to solve the multiple health issues caused by the ever-growing global epidemic of untreated hearing loss. InnerScope is committed to providing the latest in hearing aid technology and will continue to enhance its affordable DTC Hearing Product portfolio to the tens of millions of people who are suffering with the consequences living with untreated hearing loss," Mr. Moore concluded.
The NEXUS offers a lower cost (average of 50% to 75% lower cost compared to professionally fitted hearing aids with similar technology and features) and a more convenient hearing aid solution without the need of seeking the assistance of a hearing care professional. The NEXUS connects to any Smartphone and is able for the user to easily and quickly access the "Self Fitting" technology and directly control (using iOS or Android mobile app) the functionality of the hearing aids in real-time in real-world environments.
The NEXUS with its patented Noise Reduction Technology and its HearIQ Remote Control App Technology provides programming for complete personalization with fine-tuning options and "Self Fitting" technology. The HearIQ Remote Control App Technology will give the user the ability to:
- Take a Hearing Test - for automatically accessing the Self-Fitting algorithms for personalizing each hearing aid to an optimal hearing augmentation level.
- Real-Time Fine-Tuning adjust Bass/Treble and Volume in each ear independently for maximum personalization different listening situations.
- Enable Tinnitus Masker Intensity provides personalization in each ear for different masker options and intensities for relief for Tinnitus (ringing in the ears) sufferers.
- Personalize 4 Comfort Listening Programs - for different listening environments. For Example:
- Quiet Mode maximum noise reduction for the user to enjoy quiet time for relaxing on an airplane or at home.
- Music Mode low noise reduction with full frequency spectrum for optimizes music in all frequency bands. The user experiences the fullness of sound when enjoying music.
- Dining Mode medium noise cancellation and passive directionality for difficult listening environments such as group dining at home or a restaurant. The user can tune out the background noise and focus on the conversation.
- Party Mode high noise cancellation and aggressive directionality for very difficult listening environments, such as noisy parties or sporting events.
About InnerScope Hearing Technologies ("INND")
InnerScope Hearing Technologies (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 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 audiological and retail hearing device clinics. 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
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.
InnerScope Hearing Technologies, Inc.
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