InnerScope Hearing Technologies (OTC: INND) Engages DigiMax Global Solutions (DIGI.CN) to Raise $15 Million Dollars in Private Placement Offerings
InnerScope plans to disrupt the $10 billion hearing aid industry by providing the public with FREE access to In-Store Hearing Screening Tests and Affordable Off-the-Shelf Direct-to-Consumer Hearing Aids to nearly 50 Million Americans with hearing issues
ROSEVILLE, Calif., Feb. 19, 2020 (GLOBE NEWSWIRE) -- via NetworkWire -- InnerScope Hearing Technologies Inc. (OTCQB: INND) ("InnerScope") a manufacturer and Direct-to-Consumer ("DTC") distributor/retailer of "Self-Fitting" FDA-Registered Hearing Aids, "Self-Fitting" Personal Sound Amplifiers Products, ("Hearing Products") Hearing Related Treatment Therapies, Doctor-Formulated Dietary Hearing & Tinnitus Supplements, proprietary CBD Oil for Tinnitus and assorted Ear & Hearing Aid Related Products ("Hearing Health Products") (collectively "Hearing Product Portfolio"), is pleased to announce it has engaged DigiMax Global Solutions Inc. (DIGI.CN) ("DigiMax") to raise $15 million dollars (the "Target Amount") in Private Placement Offerings (the "Private Placement") for its current growth, and to retire most, if not all of its remaining convertible debt. Moreover, InnerScope has been in talks with its noteholders to negotiated payoff terms for its remaining convertible debt and at time of payoff, InnerScope expects shareholder value to quickly increase.
The Private Placement will also finance InnerScope's plans for a national rollout of 1000+ Point of Sale Hearing Screening Retail Kiosk ("Hearing Kiosks") locations as well as fulfilling its current orders of 200+ locations of its Hearing Kiosks and Hearing Product Portfolio.
DigiMax, as part of its investment banking services will be acting as a Global Business Development Consultant and as the Lead Broker Dealer will take all necessary steps for InnerScope to prepare for and assist in raising $15 million dollars in Private Placement offerings. DigiMax will recruit other leading syndicate partners from around the world to assist in attracting investors for InnerScope's Private Placement offerings. Additionally, DigiMax will share InnerScope's investor information with approximately 150 funds and family offices around the world.
"DigiMax is excited to be able to work with InnerScope to raise the capital they need to support their current growth plans," said Chris Carl, DigiMax CEO. "We believe InnerScope management has a solid plan for continued growth and we are pleased to have the opportunity to assist InnerScope is raising $15 million dollars in Private Placement Offerings. Our well experienced investment banking team combined with our global network of leading syndicate partners and family offices are confident that we can attract investors and complete the closing of the Target Amount of funding for InnerScope."
"We are thrilled to have DigiMax assist us in our equity capital raising efforts," said Matthew Moore, CEO InnerScope Hearing Technologies. "We are extremely confident in DigiMax's ability to raise the total $15 million dollars for InnerScope in the next 90 days. We believe after the close of the funding, will allow InnerScope the opportunity to quickly take control of the market and thus increasing shareholder value by paying off the remaining variable convertible debt."
“But more importantly, with the pending Over the Counter ("OTC") Hearing Aid Act (the “OTC Hearing Aid Act”) about to take effect, (expected no later than August 2020) the $15 million dollars will give InnerScope the capital it needs to deploy its off-the-shelf Hearing Product Portfolio and Hearing Kiosk in thousands of retail locations within the U.S. and Canada. The OTC Hearing Aid Act is a “game changer” for InnerScope (especially with our “Self-Fitting” hearing aid patented technology). Whereby, not only allowing the public the ability to have access to purchase InnerScope’s in-store off-the-self affordable Hearing Products, but also giving the public FREE and easy in-store access to regularly check their hearing with our Hearing Kiosks, so they can make a better informed and more accurate purchase decision. We believe this opens a new emerging hearing aid market (worth tens of billions of dollars) and InnerScope is on the forefront leading the way. Having InnerScope’s affordable Hearing Products Portfolio already successfully selling on Walmart.com, Sears.com, Kmart.com and Amazon.com (with Personal Sound Amplifiers Products) the OTC Hearing Aid Act will give InnerScope the opportunity to offer its affordable Hearing Products in-store off-the-shelf in thousands of brick and mortar retailers like Walmart, Sam’s Club, Target, and as well as thousands of other “Big Box” retailers and pharmacy chains,” concluded, Mr. Moore.
About InnerScope Hearing Technologies (OTC: INND)
InnerScope Hearing Technologies (OTC: 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, Sears.com and Kmart.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 aid clinics. InnerScope's mission is to serve approximately 1.2 billion people around the globe that are suffering with 25db 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
About DigiMax (DIGI.CN)
DigiMax is based in Toronto and is the first global company in the Digital Security space to be both publicly listed (listed on the Canadian Securities Exchange-symbol: DIGI) and to be approved by OSC in Ontario, Canada as an 'Exempt Market Dealer'.
DigiMax is currently seeking to become a registered dealer in several other countries and is developing a state-of-the-art platform with its partners to provide qualified investors preferred access to high quality digital security offerings in the rapidly growing Digital Security market.
DigiMax also assists companies to raise capital through traditional forms of securities.
The Company has a highly qualified management team with extensive experience in global financial and capital markets, combined with a rapidly expanding global presence with joint venture partnerships already established in such important geographies as USA, Hong Kong, Indonesia, Malaysia, England, Singapore, Korea and Malta with discussions or negotiations underway in several more. For more information, please visit: http://www.digimax-global.com/
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, that are 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.
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.
Released February 19, 2020