Shareholders of UniSource Energy Corporation (NYSE: UNS) approved at the company’s annual meeting today changing the company’s name to UNS Energy Corporation.
The company’s new name and a new logo are intended to strengthen its brand identity and to differentiate it from unrelated companies with similar names.
“We believe our new name and new logo convey our dedication to being a progressive, financially stable company at a time when our industry is changing. What will not change is our focus on providing safe, reliable energy services to our customers throughout Arizona,” said Paul Bonavia, UniSource Energy’s Chairman and CEO.
The new name will become effective once the company’s amended articles of incorporation are filed with the Arizona Corporation Commission (ACC). The new name and logo are not part of any merger or acquisition, the current management team remains intact, the New York Stock Exchange ticker symbol “UNS” will not change and the company’s website domain name will remain “uns.com.” Principal operating subsidiaries Tucson Electric Power and UniSource Energy Services will maintain their current names.
The name “UniSource Energy” was introduced in 1998 in anticipation of industry deregulation, which did not materialize as envisioned. At that time, the company made preparations to move some operations into legally separate entities that would operate under an umbrella holding company. The name “UniSource” was intended to convey the concept that customers could obtain energy-related products and services from a single source.
“The name no longer accurately reflects our business model and our current focus on our core business. Several unrelated companies also bear the name ‘unisource,’ so we feel changing our name and logo will help to avoid confusion in the long run,” Bonavia said.
The name change will not affect the validity or transferability of any currently outstanding stock certificates. It is not necessary for shareholders with certified shares to surrender or exchange any stock certificates they currently hold as a result of the name change.