“hi HealthInnovations’s confidence in our capabilities and technology validate the strategic decisions we’ve made over the past five years,” said Gorder. “We knew that a new distribution model in hearing health was needed and that it would require an OEM partner with the ability to cost-effectively manufacture high-quality, technically advanced products. hi HealthInnovations had the foresight and vision to make this happen, and we’re excited to be supporting them.”About IntriCon Corporation Headquartered in Arden Hills, Minn., IntriCon Corporation designs, develops, manufactures and distributes miniature and micro-miniature body-worn devices. The company is focused on three key markets: medical, hearing health, and professional audio communications. IntriCon has facilities in the United States, Asia and Europe. The company’s common stock trades under the symbol “IIN” on the NASDAQ Global Market. For more information about IntriCon, visit www.intricon.com. Forward-Looking Statements Statements made in this release and in IntriCon’s other public filings and releases that are not historical facts or that include forward-looking terminology are “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be affected by known and unknown risks, uncertainties and other factors that are beyond IntriCon’s control, and may cause IntriCon’s actual results, performance or achievements to differ materially from the results, performance and achievements expressed or implied in the forward-looking statements. These risks, uncertainties and are detailed from time to time in the company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2010. The company disclaims any intent or obligation to publicly update or revise any forward-looking statements, regardless of whether new information becomes available, future developments occur or otherwise.
IntriCon Corporation (NASDAQ: IIN), a designer, developer, manufacturer and distributor of miniature and micro-miniature body-worn devices, today announced it has entered into a manufacturing agreement to become hi HealthInnovations’ supplier of hearing aids. hi HealthInnovations, a UnitedHealth Group [NYSE: UNH] business, today launched a suite of high-tech, lower-cost hearing devices for the 36 million Americans with hearing loss. An estimated 75 percent of people who can benefit from hearing devices do not use them, largely due to the high cost. hi HealthInnovations will offer consumers technically advanced hearing aids, including those based on IntriCon’s new APT™ Open in-the-canal (ITC) hearing aid platform. “We’re thrilled to be chosen to work with hi HealthInnovations to deliver high-quality hearing aids at affordable prices to an expanded population,” said Mark S. Gorder, president and chief executive officer of IntriCon. “Research has shown that there are considerable negative social, psychological, cognitive and health effects associated with untreated hearing loss. What’s troubling is that many people are reluctant to seek help due to the considerable costs of hearing aids. “IntriCon has a proven track record of cost-effectively developing hearing aids that bring proprietary enhancements to the marketplace. We’re excited to join forces with hi HealthInnovations and help this underserved segment of the population.” Said Lisa Tseng, MD, CEO of hi HealthInnovations, “We evaluated several potential partners and selected IntriCon because of the innovations they’ve brought to hearing aids over the years, their history of success as an OEM partner with other large companies and their ability to scale manufacturing effectively.” Gorder indicated that the company has devoted considerable time and resources over the last two quarters securing the agreement and preparing for the program’s launch. This has had an adverse impact on financial performance in 2011. IntriCon expects to realize meaningful revenue from this program beginning in the 2012 first quarter.