Sonic Innovations, Inc.’s (Sonic Innovations), a US-based company providiing hearing solutions, shareholders overwhelmingly approved the renaming of Sonic Innovations to Otix Global, Inc. (Otix Global) at the company’s annual shareholder meeting May 7, 2009. The company has filed the appropriate paperwork, with the name and ticker symbol change scheduled to take effect on June 15, 2009.
“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 Sonic Chairman and CEO Sam Westover. “Sonic Innovations will continue as a company and brand developing and distributing leading hearing instruments and services, and Otix Global, Inc. will serve as the parent company of Sonic Innovations, Inc. and Sonic’s other legal entities.”
Westover assured that the company renaming will not have an impact on Sonic Innovations, Inc. stock issued prior to the name and ticker symbol change, which will remain under the Sonic name, but stock purchases made after June 15, 2009 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.
“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. 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 said.
Westover also stressed that customers of Sonic Innovations will not see any change in the products or services they currently receive. “The Sonic brand will continue as it currently exists,” he said. “If you deal with Sonic Innovations now, you will continue to deal with Sonic Innovations in the future. Nothing will change.”