InnerScope Hearing (OTC: INND) Signs an LOI to License Audio Cardio Inc. Sound Therapy Tech to Deploy a Subscription-Based App
Loi 21 #Loi21
ROSEVILLE, Calif., April 26, 2021 (GLOBE NEWSWIRE) — via InvestorWire — InnerScope Hearing Technologies Inc. (OTC:INND) (“InnerScope”), an emerging and disruptive leader in the Direct-to-Consumer Hearing Device and Hearing Health Technology space, announces that it has signed a Letter of Intent Agreement (the “LOI Agreement”) with Audio Cardio Inc. dba AudioCardio™(“AudioCardio”), granting InnerScope a worldwide license (excluding Japan, Korea, and China) for full commercial rights to develop, market, and sell an InnerScope branded subscription-based mobile app (InnerScope’s “Hearing Therapy App”) utilizing AudioCardio™ proprietary software which has clinically proven Threshold Sound Conditioning technology, i.e., “Physical Therapy for Your Hearing.”
Additional terms of the LOI Agreement, AudioCardio will also grant the rights for InnerScope to market and resell the AudioCardio™Hearing Training sound therapy mobile subscription-based app (currently offered on the Apple App Store and Google Play Store) in any country (excluding Japan, Korea, and China) through its various retail distribution channels and websites during the time of InnerScope’s Hearing Therapy App is being developed. The LOI Agreement requires InnerScope and AudioCardio to execute a material definitive agreement within 60 days of signing the LOI Agreement.
The proposed transaction allows both InnerScope and AudioCardio to achieve greater market penetration by creating visibility and awareness for Threshold Sound Conditioning Therapy in treating sensorineural hearing loss and treating tinnitus (ringing in the ears) due to otoacoustic trauma. InnerScope believes its subscription-based Hearing Therapy App can reach tens of millions of people worldwide suffering from hearing loss and/or tinnitus that either can’t afford or may not have access to hearing health services but does own or has access to a smartphone.
InnerScope plans on marketing its Hearing Therapy App for a monthly, semi-annual, and annual subscription starting at $14.99 per month to an estimated 188+ million people who own a smartphone and have sensorineural hearing loss. Based on minimum milestones for paid monthly subscribers outlined in the LOI Agreement, InnerScope expects to achieve minimum monthly net revenues of over $64,000 from paid subscribers in the first year and expects exponential growth in monthly paid subscribers year over year.
AudioCardio™Proprietary Threshold Sound Conditioning – “Physical Therapy for Your Hearing.”
Threshold Sound Conditioning Therapy technology detects the key frequencies that have lost sensitivity (commonly due to noise exposure and aging) and exercises them with personalized sound signals.
AudioCardio users assess their hearing to generate personalized barely audible sound therapies to maintain and strengthen their hearing.
AudioCardio’s Threshold Sound Conditioning works by understanding an individual’s lowest threshold of sound (minimum audible level) at several frequency ranges for each ear via their in-app hearing assessment. Once a baseline threshold has been established for each frequency range, the Threshold Sound Conditioning algorithm (sound therapy) targets the most damaged range of frequencies per ear by stimulating the cells responsible for transmitting the “noise” from our environment into electrical signals. These electrical signals are then transmitted to the brain through the auditory system to be interpreted and perceived as sound. The sound therapy is played at the barely audible or just inaudible level based on each hearing assessment. After consistent use, the inaudible sound therapy may become audible, indicating progress. AudioCardio’s sound therapy is then adjusted through subsequent hearing assessments for new hearing thresholds as customers make progress using the app.
Clinically Proven Threshold Sound Conditioning – Back by Data and Science
AudioCardio’s technology has been clinically proven in a double-blind randomized controlled trial conducted with Stanford University and Palo Alto Medical Foundation. 78% of the participants had more than a 10 decibel change in their hearing for the frequencies that were targeted.
Chris Ellis, President and CEO of Audio Cardio Inc., commented, “We are very excited about the opportunity of partnering with InnerScope. We believe that AudioCardio will bring unique value and capabilities to InnerScope’s Direct-to-Consumer product offering to help accelerate the development and overall growth of InnerScope. We are prepared and intend to help drive InnerScope’s growth strategy.”
“We are thrilled to have the opportunity to utilize AudioCardio’s proprietary software, including their clinically proven Threshold Sound Conditioning technology for InnerScope’s Hearing Therapy App,” said Matthew Moore, CEO of InnerScope Hearing Technologies. “We are very excited about entering into the mobile subscription-app space, giving InnerScope greater capabilities for growth and revenue potential. With AudioCardio’s help and its technology, InnerScope, through its Hearing Therapy app, will be able to reach a more significant number of people around the world with untreated hearing loss by offering a proven hearing treatment using only their smartphone. The Hearing Therapy App would also give InnerScope visibility to offer its potentially hundreds of thousand subscription customers who might need or want InnerScope’s Affordable Direct-to-Consumer Rechargeable App-Controlled Self-Adjusting Hearing Devices or other InnerScope Hearing Health Products.”
“InnerScope is a data-centric company focused on creating a continuous revenue eco-system from collecting data from tens of millions of people around the world who have a hearing loss and/or who suffer from tinnitus andcanmonetizethe data; through multiple Direct-to-Consumer online/in-store retail/wholesale sales channels.”
About InnerScope Hearing Technologies (OTC:INND)
InnerScope Hearing Technologies as a manufacturer, distributor, and retailer of FDA-Registered Direct-to-Consumer (“DTC”) App-Controlled Self-Adjusting Hearing Aids, App-Controlled Self-Adjusting Personal Sound Amplifiers Products, Doctor-Formulated Dietary Hearing & Tinnitus Supplements, and Assorted Ear & Hearing Health-Related Products (collectively “Hearing Products”) its mission is to improve the quality of life of the 70 million people in North America who suffer from hearing impairment and/or hearing-related issues. The management team of InnerScope is applying decades of industry experience and believes it is well-positioned to directly benefit from the Over the Counter Hearing Aid Act (expected to be enacted within the next few months). InnerScope with its Affordable App-Controlled Self-Adjusting Hearing Technology (visit: NoHassleHearing.com) combined with its innovative point of sale Hearing Screening Kiosks designed for consumers with mild-to-moderate hearing loss to purchase over-the-counter hearing aids without being seen by a hearing care professional. For more information, please visit www.innd.com.
Please be aware InnerScope social media accounts from time to time are used for additional information about material events.
https://t.me/innerscope (InnerScope Investor Group Chatroom)
https://stocktwits.com/symbol/INND
https://www.youtube.com/channel/UCkilAxjZESjMz_Gd7QIYhmw (InnerScope Official YouTube Channel)
About Audio Cardio Inc.
Audio Cardio, Inc. is a technology company focused on hearing health and wellness. As seen on “Meet the Drapers,” TV Show on Sony Entertainment Television. Recently launched a Crowdfunding Campaign with Republic, for more info please visit: https://republic.co/audiocardio
About AudioCardio™ mobile app
AudioCardio is a data and science-backed mobile app designed to maintain and strengthen hearing. AudioCardio customers have not only reported changes in their hearing but in their perception of tinnitus as well. AudioCardio works by providing a hearing assessment to identify damaged frequencies and generate personalized and barely audible sound therapies based on this assessment. Through consistent use, AudioCardio hopes to help promote and support the neural activity and connections required for sound to travel from our environment to the part of our brain that is responsible for interpreting it as meaningful sound.
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 cancelled, 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 (“SEC”). We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA, Securities Act and Securities Exchange Act.
Contact:
InnerScope Hearing Technologies, Inc.
Investor Relations
ir@innd.com
833-788-0506
www.innd.com
For the Most Up-to-Date Information about InnerScope Hearing Technologies (OTC:INND), please visit and follow our Official Twitter account @inndstock Page.
NoHassleHearing.com
Over the Counter Hearing Aid Act,
https://republic.co/audiocardio
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