EASTWEST BIOSCIENCE INC. and InnerScope Hearing Technologies Inc. have entered into an Agreement for both companies to establish distribution and marketing rights to include warehousing and distribution facilities based in Canada and the United States.
ROSEVILLE, CA and VANCOUVER, BC / ACCESSWIRE / November 6, 2019 / EASTWEST BIOSCIENCE INC. (TSXV:EAST) ('EASTWEST'), a Vancouver, B.C., Canada public company listed on the TSX Venture, and a manufacturer/distributor/retailer of a variety of health and wellness products ('Wellness Products'), has signed an Strategic Alliance & Distribution Agreement (the 'Agreement') with 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').
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 Centres 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 through 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. 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 Portfolio and deploying its Hearing Kiosks under the terms of the Agreement in the upcoming weeks to begin to help the millions of hearing impaired Canadian.'
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 their Official Twitter account @inndstock Page. https://twitter.com/inndstock
About EastWest Bioscience Group (TSX.V: EAST)
EastWest Bioscience is a vertically integrated wellness company with the infrastructure to become a global giant in the Hemp & CBD consumer health market. Since it was founded in 2016, EastWest continues to grow as a high-quality producer, manufacturer and distributor of multiple lines of premium health and hemp products. EastWest currently has more than 200+ NPNs in its stable of products.
EastWest's Hemp consumer product lines are divided into four distinct brands: 1) Natural Advancement - natural biopharmaceutical health supplements; 2) Earth's Menu - all-natural hemp superfoods; 3) Natural Pet Science - pet food and pet supplements; and 4) ChanvreHemp - all-natural health and beauty products.
In Canada, EastWest has a 34,000 Sq. Ft. Health Canada-licensed, GMP (Good Manufacturing Practices) Certified manufacturing facility and produces premium nutraceutical brands, offering natural products for a preventive care lifestyle. EastWest and Benchmark Botanicals (BBT-CSE) also have a Joint Venture Intent to accelerate acquisition of Processor, Analytical and Research and Development licenses under the Cannabis Act in EastWest's Penticton facility. These three classes of the Cannabis Act license will allow Benchmark and EastWest to build out an extensive extraction, laboratory, and research facility at EastWest's Health Canada Certified facility.
In the USA, EastWest USA has a Joint Venture with Azema Sciences, securing for EastWest first rights on Azema's output of bulk CBD and finished CBD products manufactured, and which are ready for sale in the USA and globally. EastWest Science USA ('EastWest USA'), EastWest's US operating division, will be the preferred distributor for Azema's finished goods. Additionally, EastWest will have first right of refusal to all potential opportunities relating to Azema's Kentucky based CBD processing facility. EastWest currently has TSX Approval for sale of CBD consumer products in 21 US States.
About Sangster's Health Centres
Sangster's Health Centres occupies a unique position in the industry, the stores provide vast knowledge and safe natural remedies for the prevention and treatment of disease and ailments. Sangster's introduction and development of over 202 exclusively labeled products (vitamins, mineral, herbs, proteins, natural body care and organic foods) helped catapult Sangster's name and product into a large number of Canadian households. From a solid base in Saskatchewan, Sangster's has become a national brand name with franchise stores located across Canada. For more information, please visit: https://sangsters.com
About Orchard Vale Naturals
Located in Penticton B.C., Orchard Vale Naturals Ltd., manufactures vitamin, mineral, herbal and other supplements, offering batch run manufacturing services with low minimum order quantities for third party distributors of nutraceuticals, as well as producing private label products for Sangster's Health Centres.
ON BEHALF OF THE BOARD OF DIRECTORS
EASTWEST BIOSCIENCE GROUP
Co-Founder, Chief Executive Officer and Director
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain 'forward-looking statements' under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms and conditions of the Acquisition. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: EastWest Bioscience Inc.
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