Sonic Innovations Parent Company Renamed Otix Global
Posted Aug 10 2009 4:54pm
Shareholders of Sonic Innovations Inc, Salt Lake City, overwhelmingly approved the renaming of Sonic Innovations Inc to Otix Global Inc at the company’s recent annual shareholder meeting. The name and ticker symbol change have already been adopted.
“The move is designed to create a holding company that will allow the Sonic Innovations’ brand and Sonic’s other brands to operate independently from each other,” said Sam Westover, the company’s chairman and CEO, in a statement released by the company. He says Sonic Innovations will continue as a company and brand developing and distributing hearing instruments and services, and Otix will serve as the parent company for Sonic and its other legal entities.
Westover says that the company renaming will not have an impact on Sonic stock issued prior to the name and ticker symbol change—which will remain under the Sonic name—but stock purchases made after June 15 will be issued under the name Otix Global Inc. All stock will then be traded in the market under the OTIX ticker symbol on NASDAQ, he says.
“Sonic Innovations has become much more than a developer and manufacturer of hearing instruments, and it is now necessary to create a distinction between the Sonic Innovations hearing instrument brand and the company’s various other brands,” Westover said in the statement. “This move allows each entity to operate independently in the marketplace, which we believe will be beneficial to Sonic’s customers, end users, and investors.”
Westover says customers Sonic customers will not see any change in the products or services they currently receive. “The Sonic brand will continue as it currently exists,” he noted. “If you deal with Sonic Innovations now, you will continue to deal with Sonic Innovations in the future. Nothing will change.”