Stock Ticker $INND - News - InnerScope Hearing Technologies (INND) Launching Direct-to-Consumer "Self-Fitting" Hearing Aids

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.comcustomers 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.