InnerScope Hearing Technologies Inc (OTCQB:INND) announced an executed letter of intent (LOI) with AlgorKorea Co, Ltd for an exclusive US and Canada Supply and Distribution License Agreement for AlgorKorea’s patented iNR 64PS2 and iClear SR self-fitting hearing aid devices. In addition, the Agreement will give the Company the exclusive right to freely use AlgorKorea’s seven US patents and whereby establishes a sales partnership through the year of 2021 with an automatic 3-year renewal. This Agreement will allow the Company the ability to offer self-fitting hearing aid devices direct-to-consumer through its www.nohasslehearing.com eCommerce store.
InnerScope plans to release “InnerScope hearIQ,” its own branded label of self-fitting apps for iOS and Android mobile phones, as soon as the Definitive Agreement from the LOI is executed, at which time, InnerScope will begin to offer AlgorKorea’s iNR 64PS2 self-fitting hearing aid devices on its eCommerce store, InnerScope announced.
The iNR 64PS2 a 64 Channel and iClear SR a 20 Channel are both Wireless Bluetooth Low Energy (BLE) Receiver-In-Ear (RIC) type Smart Digital Hearing Aid Devices with Self-Fitting Apps for both iOS and Android mobile devices. The iClear SR is a fully rechargeable system which does not require traditional hearing aid batteries. Both iNR 64PS2 and iClear SR are said to be specifically designed for a simpler and more convenient way for the user to self-fit and control the hearing aid devices “almost instantly” through the smartphone apps. The app is designed to allow users to perform a frequency-specific self-hearing test through the hearing aid devices. According to the company’s press release, this allows the self-fitting algorithms to adjust the devices automatically to the user’s hearing loss.
“AlgorKorea’s innovative hearing technology is not only a game changer for InnerScope but also for the 48 million people in the US alone that struggle daily with hearing issues,” said Matthew Moore, CEO of InnerScope Hearing Technologies. “This revolutionary self-fitting hearing aid technology will truly change the way and how hearing aid devices are dispensed in the world today. Traditionally, most of the hearing aid devices in the world are sold and dispensed by hearing healthcare professionals, through brick and mortar clinics. The reason up to now, has been very clear, hearing aids devices are very sophisticated tiny computers that needed a lot of fine-tuning adjustments done through and by professionals.
“Today, with AlgorKorea’s hearing technology, InnerScope can deliver the same type of hearing aid device technology that is offered in the professional hearing clinics using this innovative user self-fitting delivery system through the user apps. We believe, given the choice, consumers want an easy, simple, and convenient way to seek out hearing solutions, hassle-free. InnerScope has provided such a delivery model for those consumers through www.nohasslehearing.com,” said Moore.