PIPELINES / IPL Energy Changes Name to Enbridge Inc.
TSE, ME SYMBOL: IPL
NASDAQ SYMBOL: IPPIF
OCTOBER 6, 1998
CALGARY, ALBERTA--October 6, 1998 - IPL Energy Inc. today became
Enbridge Inc. as shareholders approved the name change at a
special meeting of shareholders in Calgary.
President & Chief Executive Officer Brian F. MacNeill called the
change "one of the most responsible investments this company will
ever make." The company is about more than just "pipelines" and
"natural gas", he said. "As important as these services are to
our present and future, being truly one company with one vision
offers tremendous opportunities for further growth. With a single
brand name to build on and nurture, we can leverage our identity
across all our markets, building stronger levels of consumer and
marketplace recognition and, ultimately, brand loyalty for the
growing array of services we envision for our company."
Deregulation, unbundling and convergence are changing the business
landscape in the North American energy marketplace. Uniting the
company's diversified operations under a single brand that becomes
widely recognized for success in numerous businesses will open
doors to new opportunities and help achieve business objectives.
A single brand is needed now, said Mr. MacNeill, because "we need
to move faster than the marketplace, which is moving very rapidly
these days."
Enbridge is a coined word, the fusion of two central ideas about
the company: "energy", which is the primary focus; and "bridge",
which signifies the connection the company will continue to make
with energy customers around the world.
The company can now begin phasing out the IPL Energy name and the
more than 20 other brands that the company currently operates
under. Pipeline operations will adopt the name immediately, while
Consumers Gas will be known as "Enbridge Consumers Gas" during a
transition period. Enbridge expects that a single brand will
support immediate cost savings and create significant
administrative and marketing efficiencies.
The company's common shares trade on the Toronto and Montreal
stock exchanges in Canada under the symbol "IPL" and on The NASDAQ
National Market in the U.S. under the symbol "IPPIF". Effective
October 13, 1998, those symbols are scheduled to change to "ENB"
and "ENBRF", respectively.
Enbridge Inc. is a leader in energy transportation, distribution
and services. As a transporter of energy, Enbridge operates in
Canada and the U.S. the world's longest crude oil and liquids
pipeline system, is involved in liquids marketing and
international energy projects, and has a growing involvement in
natural gas transmission. As a distributor of energy, Enbridge
owns and operates Canada's largest natural gas distribution
company, which provides gas and retail services in Ontario, Quebec
and New York State, and is involved in the generation and
distribution of electricity. In addition, Enbridge provides
retail energy products and services to a growing number of
Canadian and U.S. markets. Enbridge employs more than 5,000
people in Canada, the U.S. and South America.
A copy of the Enbridge logo is available at the IPL Energy web
site, at www.iplenergy.com. |
