ROSEVILLE, Calif., April 14, 2025 (GLOBE NEWSWIRE) — via InvestorWire — InnerScope Hearing Technologies Inc. (OTC: INND) (“InnerScope” or the Company), that is focused on becoming a leader in the Over-the-Counter (OTC”) Hearing Health and Digital Health space, today issues the following letter to its stakeholders.
Dear Valued Stakeholders,
Your directors, management team, and advisors are committed to enhancing value for all stakeholders. We believe we can capitalize on what we learned about the OTC hearing aid market since it was launched in October 2022, and the impact of decisions we made positioning InnerScope as an early leader in this new emerging marketplace.
When the OTC law was enacted, we decided to quickly build multiple retail/wholesale distribution channels to support two different hearing brands (HearingAssist and iHear acquired during 2021). This increased our market share over our competitors at the time, but the cost of maintaining operations and marketing support for the network of major retailers/pharmacy chains and hundreds of independent pharmacies proved difficult to scale into a profitable proposition. However, through that experience, we discovered an alternative path for building out a profitable business model for InnerScope and its Stakeholders.
We are now moving through a significant transition as we refocus the company on implementing a new roadmap designed to drive substantial value. We expect this value to be reflected in attractive growth in our share price and market capitalization.
InnerScope’s New Chapter: Positioning for Success
Over the last few years, we have cultivated relationships with several retail/wholesale partners, most importantly our retail/wholesale partner representing 15,000+ store and pharmacy locations. This is creating new opportunities that when combined with additional talent provides a comprehensive and scalable business plan, a stronger and differentiated value proposition, and enhanced corporate governance.
Our plans now include:
In addition, we are committed to:
As young companies progress, they often transition from a founder/family type of structure to a more professionally managed form. Such a transition is now underway with the Advisory Board being formed consisting of the heads of some current partners with additional members to be recruited as the year progresses. Terry Mactaggart, CEO of Summus Hearing, has agreed to serve as its Founding Chairman. A Stanford MBA, with long experience in private and public company entrepreneurship and oversight, he is well suited to guide the Board’s development and advisory role.
Several of these changes are already underway – progress will be reported on as they proceed.
Financial Restructuring to Resolve Litigation and Debt Obligations
As you might already be aware, we successfully settled all legal claims with the former owners of our 2021 acquisitions. Additionally, to further resolve and settle all litigation and legal claims, we recently entered into a Liability Purchase Agreement with a company that specializes in helping public companies strengthen their balance sheet under section 3(a)(10) of the Securities Act. This provision allows the Company to settle its legal claims and debt obligations by issuing securities instead of making cash payments. This restructuring of debt into equity will have a major positive impact on our balance sheet by increasing net equity.
Enhancements to Improve Marketability and Liquidity
We recently completed a reverse stock split aimed at enhancing our stock price and improving marketability to attract a broader range of institutional investors to support our growth strategy. To further broaden our stock price and marketability, we have applied for a Dual Listing on a Global Securities and Digital Asset Exchange. Once approved, this will allow InnerScope to access an investor base outside the U.S., unlocking liquidity and enhancing price discovery while internationalizing the opportunity to invest in the Company.
Focusing on Maximizing Shareholder Value
Our overarching goal is to maximize enterprise and shareholder value. InnerScope’s New Chapter “Positioning for Success” combines an exciting growth strategy with the assets and team required to execute our scalable business plan during the coming months.
We look forward to proving ourselves through our actions and results. And we certainly appreciate your continued support as we enter this next chapter of growth.
Sincerely,
InnerScope Hearing Technologies, Inc.
IMPORTANT NOTE ABOUT STAYING IN TOUCH: We want to make significant improvements via the web to the methods used to communicate with our shareholders and other interested parties. These will provide a more effective way of keeping everyone up to date as well as facilitate a better ongoing exchange. Please visit https://investor.innd.com to sign up to receive the latest news and updates about InnerScope.
About InnerScope Hearing Technologies, Inc. (OTC PINK: INND):
InnerScope Hearing Technologies Inc. is a distributor of FDA-Registered OTC Hearing Aids, & Hearing and Health-Related Products and Services (“Hearing and Health Products”) dedicated to addressing the demand for affordable OTC hearing and health-related products and services instore and within the digital health space. InnerScope’s B2B business distribution model offers affordable OTC Hearing and Health Products through major retailers, pharmacy chains, and healthcare service companies.
For information related to InnerScope Hearing Technologies’ latest hearing aids and related Hearing and Health Products, please visit: http://otchealthmart.com
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 canceled, 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 (“S.E.C.”). We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA, Securities Act, and Securities Exchange Act.
