KANSAS CITY, Mo., March 18, 2002 -- UtiliCorp United announced Monday that it has changed its name to Aquila Inc. Starting Monday, the company's common stock trades on the New York, Pacific and Toronto stock exchanges under the symbol ILA, which has replaced the UtiliCorp symbol UCU.
In addition to announcing its new name, Aquila is launching a new brand through a series of communications and advertisements targeted to customers, community leaders and other external audiences.
"Aquila has successfully managed through change for nearly two decades and has emerged a far stronger competitor," said Chairman Richard C. Green, Jr. "Our new brand signifies the company's pledge to channel its expertise as a master of change to create products and services that help customers and clients use change as a positive catalyst for growth."
"The uncertainty in today's environment makes it much more difficult for companies to know how to respond to change," said Robert K. Green, Aquila's president and chief executive officer. "Our portfolio of energy and risk management products and services can help create certainty in an uncertain world."
The kaleidoscope symbol in the new Aquila logo represents the "endless array of solutions we make available by combining the skills and talent of Aquila's people," he explained. "We'll be using that message to help differentiate Aquila in the energy marketplace."
Last November, UtiliCorp announced it would change its corporate name to Aquila following the successful completion of an exchange offer for all outstanding publicly held common shares of its 80 percent-owned subsidiary. Completion of the exchange offer in January 2002 and recent receipt of regulatory approvals cleared the way for the company to proceed with the name change.
Adoption of the Aquila name reflects the strategic focus of the recombined company. "The combination of stable cash flows from the company's network business and superior risk management and wholesale energy expertise in the merchant business position Aquila to emerge as one of the industry's premier leaders," said Robert Green.
The wholesale energy trading and risk management business is now Aquila Merchant Services and the company's regulated electric and natural gas utilities in the United States operate under the name Aquila Networks. UtiliCorp Networks Canada, which distributes electricity in Alberta and British Columbia, will transition to the name Aquila Networks Canada by the end of this year.
The company's wholesale energy subsidiary has operated under the Aquila name since 1991. Aquila is the name of a constellation and is Latin for "eagle."
There is no need for holders of UtiliCorp common stock certificates to exchange their existing shares for Aquila shares, as the existing UtiliCorp certificates will continue to be valid.
Based in Kansas City, Aquila (formerly UtiliCorp United) is an international energy and risk management company. It is one of the largest wholesalers of electricity and natural gas in North America, provides wholesale energy services in the United Kingdom and has a presence in Germany and Scandinavia. It also operates electricity and natural gas distribution networks in seven states and in Canada, New Zealand and Australia. At December 31, 2001, Aquila had total assets of $11.9 billion and 12-month sales of $40.4 billion. More information is available at www.aquila.com.