InnerScope Hearing Technologies (INND) Opens 7th Hearing Aid Retail Clinic in Elk Grove, CA
Grand Opening Promotion at new location expected to surpass significant revenues generated from Fremont, CA. location last week
ROSEVILLE, Calif., Feb. 20, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- InnerScope Hearing Technologies Inc. (OTCQB: INND) a manufacturer and Direct-to-Consumer ("DTC") distributor/retailer of FDA-Registered Hearing Aids, ("Hearing Products") announces a successful "Grand Opening Promotion" ("Promotion") for its hearing aid retail location in Fremont CA., located in the San Francisco Bay Area of California, ("Fremont") which opened Monday February 11th. Additional "Grand Opening" marketing set for Fremont for the next few weeks. Fremont is InnerScope's sixth audiological hearing aid retail clinic under its dba Value Audiology & Hearing Aid Center brand ("Retail Clinics") in California. Additionally, InnerScope is announcing its seventh Retail Clinic with the "Grand Opening" of the Elk Grove, CA. location, a suburb of Sacramento, ("Elk Grove") on Tuesday February 19th. This would be InnerScope's third Retail Clinic opening in just four weeks. InnerScope will be continuing to open new Retail Clinics in Northern California as part of its as previous announced Roll-out Expansion Plan for 2019 (the "Roll-out Plan"). InnerScope anticipates opening twenty-five (25) Retail Clinics in strategic media market areas within Northern CA. by the end of 2019.
With the first week of a multi-week Promotion for Fremont, consisting of a strategic marketing plan that included multiple Full-Page Advertisements in local newspapers with over 100,000 printed circulation, as well as Targeted Direct Mail to Local Residents yielded over $32,000 between the (2) Bay Area Retail Clinics for prepaid hearing aid sales orders that InnerScope plans to deliver this month and record the revenue upon such delivery. Marketing cost for the first week Promotion was approximately $8,000 and with additional Promotional and marketing already scheduled in the coming weeks, both Retail Clinics already have customer appointments booked for the rest of the month. InnerScope has a strategic marketing strategy that includes constant marketing for the Bay Area Retail Clinics that will constantly produce revenue for each location. The projected ROI for the Fremont is a 6x to 8x from marketing cost over the course of the first year of operation.
InnerScope expects to significantly surpass last week's Fremont and Bay Area Promotion revenues with this week's Elk Grove "Grand Opening Promotion". The first day of its Grand Opening, (yesterday) Elk Grove alone has already produced $14,000 of prepaid hearing aid sales orders. The opening of the Elk Grove location allows InnerScope to complete its Sacramento strategic marketing plan by dominating the Sacramento media market with its three (3) Sacramento area Retail Clinics. InnerScope believes the Elk Grove Retail Clinic can exceed a $1 Million Dollars in Annual Revenue with over a 30% EBIDTA based on the founders of InnerScope previous Elk Grove retail hearing aid store.
The Founders of InnerScope ("Founders") have opened, owned, and sold off over 60 Retail Audiology & Hearing Aid Centers over the past 15 years. These 60+ locations were part of a separate business from InnerScope, and these very successful locations produced well over $60 Million dollars in revenue for the Founders before selling them off in stages to two of the six major multi-billion dollar hearing aid manufacturers or their subsidiaries for a total of over $40 Million Dollars. The Founders have a Time-Tested Proven Process of Opening Retail Audiology and Hearing Aid Centers that produce Industry Leading Revenues and Customer Satisfactions.
"InnerScope with its manufacturing capabilities is able to create a Unique Selling Proposition ("USP") for its Brick & Mortar Retail Locations in the Marketplace by offering the same level of Technology & Features in a Hearing Aid Product to the Consumer at a LOWER price point without sacrificing Customer Service and Satisfaction, while Maintaining the HIGHEST Levels of Margins & Profits for the Company," said Matthew Moore, CEO of InnerScope Hearing Technologies.
"We are on target to meet our Roll-Out Plan objective to have (25) Brick & Mortar Retail Clinics by the end of 2019. In addition, InnerScope plans on having Retail Clinics across the United States and in select International Markets. This will allow a Hearing-Impaired Customer to either choose to purchase an InnerScope Hearing Product at one of our Retail Clinic locations or through our many online DTC stores or through multiple authorized large retailers, like Walmart. With our strategic retail and wholesale partnerships we are currently building, InnerScope will soon be the leader in delivery affordable high quality Hearing Products," Mr. Moore concluded.
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 For the Most Up-to-Date information about InnerScope Hearing Technologies (OTCQB: INND), please visit and follow our Official Twitter account @inndstock Page: https://twitter.com/inndstock
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.
For the Most Up-to-Date information about InnerScope Hearing Technologies (OTCQB: INND) please visit and follow our Official Twitter account @inndstock Page. https://twitter.com/inndstock
Released February 20, 2019