ROSEVILLE, Calif. and VANCOUVER, B.C., Nov. 06, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- InnerScope Hearing Technologies Inc. (OTCQB: INND) ("InnerScope") 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 an Strategic Alliance & Distribution Agreement (the "Agreement") with EASTWEST BIOSCIENCE INC. ("EASTWEST"), a Vancouver, B.C., Canada public company listed on the TSX Venture, (TSX.V: EAST) and a manufacturer/distributor/retailer of a variety of health and wellness products ("Wellness Products").
The Agreement gives both InnerScope and EASTWEST non-exclusive distribution and marketing rights for each party's products. The Agreement includes warehousing and distribution facilities for InnerScope's Hearing Product Portfolio based in Canada and EASTWEST's Wellness Products based in the United States. The Agreement significantly expands InnerScope’s size of its market reach and brand awareness within the Canadian Market and new international distribution channels.
The Agreement gives EASTWEST the right to distribute and market InnerScope's affordable Hearing Product Portfolio through its well-established Canadian SANGSTER'S Health Centre retail chain locations and other North America/global sales/distribution channels. The Agreement also gives InnerScope the right to distribute and market EASTWEST's Wellness Products as part of its product offering through its own multiple sales/distribution channels, including Walmart.com, Sears.com, Kmart.com, contracted pharmacies and other retail stores, as well as its eCommerce sales platforms.
InnerScope intends to initially start shipping its fully automated (unattended) Point of Sale Hearing Screening Retail Kiosks ("Hearing Kiosks") and its Hearing Product Portfolio (collectively "Hearing Kiosks and Hearing Products") to EASTWEST for its SANGSTER'S Health Centre retail locations across Canada prior to the end of the calendar year. InnerScope's unattended Hearing Kiosks provides 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. The Hearing Kiosks are also designed to promote in-store or on-line purchase of InnerScope's Hearing Product Portfolio.
InnerScope has also contracted the manufacture of its three proprietary Doctor-Designed & Formulated Nutritional Dietary Hearing Supplements with Orchard Vale Naturals Ltd., EASTWEST's Health Canada and Good Manufacturing Practices ("GMP") Certified manufacturing division, which produces high-quality natural health supplements and vitamins for Wellness companies across Canada. InnerScope's "Nutrition for the Ears" science-based hearing health formulas focus on Nutritional and Oxidative Stress Management for Maintaining Hearing Health. The first Manufacturing Purchase Order has been received for the USA market and EastWest will assist InnerScope in applying for the necessary Natural Product Numbers ("NPNs") for InnerScope to sell its Nutritional Dietary Supplements for the Canadian Market.
InnerScope also intends to purchase CBD products from EastWest Science USA and its CBD Joint Venture with Azema Sciences based in Lebanon, Kentucky, USA. InnerScope and EastWest Science USA will begin formulating CBD-based Natural Dietary Hearing Supplements.
According to a Study released on August 21, 2019 in Health Reports published by the Health Analysis Division of Statistics Canada, more than half of Canadians between the ages of 40 to 79 have at least a mild hearing loss, but 77% percent of them don't realize it. That means 13 million Canadians currently have unperceived hearing loss. The study suggests proactive screening maybe beneficial for early identification and treatment of hearing loss could help prevent the development of social isolation, depression, lower quality of life and other consequences of untreated hearing loss. Moreover, the study's conclusion addressed that becoming aware of hearing loss is a process, and regular screening is one strategy that was proposed to help reduce unperceived hearing loss and regular screening could lead to earlier detection and intervention that could ultimately improve the quality of life of those experiencing hearing loss.
Rodney Gelineau, Co-founder & CEO of EastWest BioScience Inc. (TSX.V: EAST) commented, "As a vertically integrated wellness company, we are always looking to bring premium products and/or services to the market that support preventative healthy lifestyles for people. InnerScope, with its proactive approach to preventative hearing healthcare along with its Hearing Products and Hearing Health Products, is a good fit for EASTWEST. We are thrilled to have partnered with InnerScope in both manufacturing and product distribution, together we will make a positive and significant impact on the consumer health market."
"We are excited about the Agreement with EASTWEST, especially with InnerScope establishing a Canadian distribution facility with EASTWEST in Penticton, B.C., for its Hearing Product Portfolio," said Matthew Moore, CEO of InnerScope Hearing Technologies. "EASTWEST as a manufacturer and distributor of Wellness Products with partners, distributers and customers around the world, we believe this partnership with EASTWEST will provide InnerScope with new opportunities to distribute in many international markets by utilizing EASTWEST distribution network, starting with Canada. InnerScope is well positioned and is anticipating to immediately start distributing its Hearing Product Portfolioand deploying its Hearing Kiosks under the terms of the Agreement in the upcoming weeks to begin to help the millions of hearing impairedCanadians."
About InnerScope Hearing Technologies(OTCQB: INND)
InnerScope Hearing Technologies (OTCQB: 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