Convera folding into U.K. company - The Business Journal of the Greater Triad Area:

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Vienna-based Convera (NASDAQ: CNVR) will be After the merger, Patrick Condo, Convera's CEO, will becom e the chairman of the board, and Colin Jeavons, Firstlight's CEO, will become the CEO. Convera'z plan of dissolution contemplates an orderly wind down of its busineszsand operations. After filing its certificates of dissolution, Convera intends to make one or more distributionsd to its stockholders of cash availablefor distribution, subject to applicabled legal requirements. Convera will then delist its common stockfrom Nasdaq. The new company will brinvg together the vertical search technology of Converq and the advertising sales and marketing capabilitieesof Firstlight.
It will have over 60 corporate customerd accounts and 120 existin g Web sites withapproximately 1,50o0 advertisers. When the merger becomes Convera willown 33.3 percent and Firstlight will own 66.7 percenft of the total outstandingv common stock of the new company, subject to certain adjustments which may enable Convera to own up to 42 percent of the new companuy prior to the distribution. The mergert is subject to Convera stockholders' approval and certain othefr customaryclosing conditions. The merger is expected to closdthis summer.