Nuheara Limited announced a major expansion of its US retail footprint, from circa 300 points of sale currently to circa 4,600 over the coming months, with US FDA cleared self-fit hearing aids now being manufactured to fulfill initial orders from Best Buy and other US retail customers. Memorandum of Understanding (MoU) signed with InnerScope to sell Nuheara OTC self-fit hearing aids in c1,500 Walmart and c1,700 Rite Aid stores. Nuheara and InnerScope Hearing Technologies Inc. (InnerScope) have agreed to partner together to penetrate the US hearing aid market, creating and providing retail and technology solutions to build a strong market share in the Over The Counter (OTC) self-fit hearing aids segment.

InnerScope, headquartered in Roseville, California, develops and markets OTC hearing aids and related hearing healthcare products, hearing aid & ear care products, and hearing treatment therapies. Its omnichannel marketing approach, including a distribution network of wholesale and retail partners, gives the ability to reach the estimated 70 million people in North America that currently need hearing help. InnerScope offers innovative point-of-sale Hearing Screening Kiosks, deployed in over 100 independent US pharmacies with another 1,000 pharmacy locations by mid 2023.

In addition, InnerScope currently has product displays in circa 1,500 Walmart Vision Centers, and in early 2023 will roll out freestanding displays across circa 1,700 Rite Aid pharmacy stores. This MoU builds on Nuheara's recent receipt of US Food and Drug Administration (FDA) clearance for its Self-Fitting OTC Hearing Aid. Nuheara's HP Hearing PRO is the first hearing aid to be cleared by the FDA for both 874.3325 self-fitting and the 800.30 OTC hearing aid classifications under a new product classification code QUH.

Nuheara will supply its FDA OTC certified hearing products to InnerScope (including the HP Hearing PRO) at an agreed wholesale price. In addition, in return for an agreed royalty fee or service fee, the Company will license its technology and clinical know-how to implement and support the adoption of Nuheara's self-fit technology into InnerScope products for FDA self-fitting clearance. InnerScope will market, at its cost, Nuheara OTC products into new and existing retail chains, including, but not limited to, Walmart, Rite Aid, and other pharmacy brands.

InnerScope will also provide first-level customer and warranty support for Nuheara products sold via InnerScope's sales channels. To retain retail chain exclusivity, InnerScope will need to meet minimum order quantities in defined time periods.