Otix Global, Inc. to Become Parent Company of Sonic Innovations, Inc.
08 June 2009 - 9:03PM
PR Newswire (US)
Company name change approved at annual shareholder meeting SALT
LAKE CITY, June 8 /PRNewswire-FirstCall/ -- Sonic Innovations'
(NASDAQ:SNCI) shareholders overwhelmingly approved the renaming of
Sonic Innovations, Inc. to Otix Global, Inc. (NASDAQ:OTIX) 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." ABOUT SONIC
INNOVATIONS: Sonic Innovations is a global provider of superior
hearing solutions. The company is passionate about quality,
technology, and improving lives through enhanced hearing. Sonic
Innovations is dedicated to the growth and success of their
hearing-healthcare partners. Sonic Innovations, headquartered in
Salt Lake City, Utah, has international offices and manufacturing
centers across the globe. In conjunction with their distributor
partners, Sonic Innovations has provided hearing care services and
solutions in more than 25 countries. Sonic Innovations is listed on
the NASDAQ Global Market System (SNCI) and can be found online at
http://www.sonici.com/. Sonic Innovations' partners have prescribed
more than 1 million Sonic hearing instruments. This press release
may contain "forward-looking statements" as defined under
securities laws. Actual results may differ materially and adversely
from those described herein depending on a number of factors
including, but not limited to, the following risks: we face
aggressive competition in our business; acquisitions could be
difficult to integrate and disrupt our current business and
therefore may harm our operating results; we may not launch more
product lines this year; our products may not help people hear
better or more naturally; we may poorly operate newly acquired
businesses; we may lose a large customer or suffer a reduction in
orders from a large customer; we must have innovative,
technologically superior products to compete effectively; our
products, due to their complexity, may contain errors or defects
that are only discovered after sales by our customers, thus harming
our reputation and business; we may have issues with intellectual
property; and we have important international operations, which
expose us to a variety of risks including government reimbursement,
that could impact sales and operating results. For additional
information regarding the risks inherent in our business, please
see "Factors That May Affect Future Performance" included in our
Annual Report on Form 10-K for the year ended December 31, 2008, as
filed with the Securities and Exchange Commission. We undertake no
obligation to revise our forward-looking statements to reflect
events or circumstances after the date hereof as a result of new
information, future events or otherwise. DATASOURCE: Sonic
Innovations, Inc. CONTACT: Therese Clay of XO Marketing,
+1-801-272-8686, , for Sonic Innovations, Inc. Web Site:
http://www.sonici.com/
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