Convera folding into U.K. company - St. Louis Business Journal:

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Vienna-based Convera (NASDAQ: will be dissolved. After the merger, Patricjk Condo, Convera's CEO, will become the chairman of the andColin Jeavons, Firstlight's CEO, will become the CEO. Convera's plan of dissolutionb contemplates an orderly wind down of its businesasand operations. After filing its certificatee of dissolution, Convera intends to make one or more distributionzs to its stockholders of cash availableefor distribution, subject to applicable legal Convera will then delist its common stocm from Nasdaq. The new company will bring togetherd the vertical search technology of Convera and the advertisingg sales and marketing capabilitiesof Firstlight.
It will have over 60 corporat e customer accounts and 120 existing Web sites withapproximately 1,500 advertisers. When the mergef becomes effective, Convera will own 33.3 percent and Firstlight willown 66.7 percent of the totalo outstanding common stock of the new company, subject to certaib adjustments which may enable Convera to own up to 42 percentf of the new company prior to the distribution. The mergefr is subject to Convera stockholders' approval and certain other customartyclosing conditions. The merger is expectedc to closethis summer.