Convera folding into U.K. company - Triangle Business Journal:

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Vienna-based Convera (NASDAQ: CNVR) will be After the merger, Patrick Condo, Convera's CEO, will become the chairmah of the board, and Coli Jeavons, Firstlight's CEO, will become the CEO. Convera's plan of dissolutiom contemplates an orderly wind down of its busines sand operations. After filing its certificate of Convera intends to make one or more distribution s to its stockholders of cash available for subject to applicablelegal requirements. Convera will then delist its common stockfrom Nasdaq. The new companh will bring together the vertical search technologh of Convera and the advertising sales and marketing capabilitiewsof Firstlight.
It will have over 60 corporatwe customer accounts and 120 existing Web sites withapproximately 1,50 0 advertisers. When the merger becomes effective, Convera will own 33.3 percen and Firstlight will own 66.7 percent of the totaol outstanding common stock of the new subject to certain adjustments which may enablse Convera to own up to 42 percenrt of the new company priore tothe distribution. The merger is subjectr to Convera stockholders' approval and certai other customaryclosing conditions. The merger is expected to closwethis summer.