InnerScope Hearing Technologies Inc. a manufacturer and Direct-to-Consumer (“DTC”) distributor/retailer of FDA-Registered Hearing Aids, Personal Sound Amplifiers Products, (“Hearing Products”) Hearing Related Treatment Therapies, Doctor-Formulated Dietary Hearing Supplements and proprietary CBD Oil (“Hearing Health Products”) (collectively “Hearing Product Portfolio”), has signed Agreements (the “Agreements”) with BONUM HEALTH, LLC (“BONUM HEALTH”) for the initial order to distribute its fully automated (unattended) Point of Sale Hearing Screening Retail Kiosks (“Hearing Kiosks”) and its affordable Hearing Product Portfolio (collectively “Hearing Kiosks and Point of Sale Products”) to 200 BENZER PHARMACY locations (increased from 100 to 200 locations as previously announced) of independent and corporate-owned retail pharmacies located throughout the United States. The Agreements not only gives InnerScope a significant increase in market share and market penetration by having 200 new distribution locations for its Hearing Product Portfolio, but also a new in-store revenue model that can be easily duplicated in thousands of locations nationwide.
Given the initial order of the Agreements, including subsequent orders to immediately follow, InnerScope is currently ramping up production of its Hearing Kiosks and inventory of its Hearing Product Portfolio, and plans to immediately start delivering (within 30 days) to 120 BENZER PHARMACY locations in 29 states. BONUM HEALTH expects to increase the number to 500 pharmacy locations by the end of 2019 for InnerScope’s Hearing Kiosks and Point of Sale Products, with the anticipation of increasing to thousands of locations starting in 2020.
InnerScope’s Hearing Kiosk is designed to give the public FREE, EASY & CONVENIENT access to a quick 2-minute self-administered hearing-screening test as well as bringing awareness to the multiple health and cognitive issues caused by living with untreated hearing loss. But, more importantly, the function of the Point of Sale of the Hearing Kiosks, is to guide and direct the consumer to solve their hearing issues today (given, if they are having hearing issues) by choosing from InnerScope’s affordable Hearing Product Portfolio to purchase at the store.
Mobeen Javed, CEO of BONUM HEALTH commented, “BONUM HEALTH is dedicated to provide patients with effective and affordable healthcare services, including hearing healthcare products and services. We are excited to include InnerScope’s Hearing Kiosks and its many affordable Hearing Products as part of our many healthcare services we offer. InnerScope’s Hearing Kiosks will be one of many key healthcare service components of BONUM HEALTH’s new “Bonum Health Hubs” that will help revolutionize the 23,000+ independent pharmacies in the U.S. by offering a “one stop shop” for the majority of healthcare services. BONUM HEALTH HUB’s located inside local pharmacies, will offer services to include, Hearing, Men/Women Health, Dental, Wellness, Education, Tele-Health and Testing Services. Currently, we are deploying BONUM HEALTH HUBs in Benzer Pharmacies in several states and we will be adding many more independent pharmacies over the next months.”
InnerScope’s Hearing Kiosks are ultimately part of BONUM HEALTH’s overall plan to offer hearing healthcare services within its newly developed Bonum Health Hubs to be located inside thousands of independent pharmacies across the country. The Bonum Health Hub is a stand-alone healthcare model that gives the public one place to conveniently receive a variety of health related services. In addition, Bonum Health Hubs will offer access to healthcare that some consumers may not have.
“We are excited and thrilled about the Agreements with BONUM HEALTH and InnerScope being a key component of the Bonum Health Hubs,” said Matthew Moore, CEO of InnerScope Hearing Technologies. “We know how important it is for the public to have easy and affordable access to proper healthcare services. We also believe Hearing Healthcare should be an essential part of any healthcare services offered. That’s why, we are so passionate about our Hearing Kiosks, it’s the gateway to providing easy and affordable access to better hearing healthcare products and services in this country.”
“With the Hearing Kiosks driving the message of the potential multiple health and cognitive risks of untreated hearing loss coupled with the of “Point of Sale” function driving the sales, and given that 3 out of 5 people over 60 years of age has some hearing issues, we anticipate selling thousands of dollars of InnerScope’s affordable Hearing Product Portfolio at each pharmacy location per month. Once the first 120 out of the 200 Hearing Kiosks are deployed, we believe this not only gives InnerScope a competitive advantage over all other DTC hearing aid retailers, but also gives InnerScope a brand recognition of manufacturing and distribution of high quality affordable Hearing Products,” concluded Mr. Moore.
