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 becomes the chairman of the andColin Jeavons, Firstlight's CEO, will becomde the CEO. Convera's plan of dissolution contemplatews an orderly wind down of its busineszsand operations. After filing its certificate of dissolution, Convera intendws to make one or more distributions to its stockholderw of cash availablefor distribution, subject to applicable legal requirements. Convera will then delist its commonh stockfrom Nasdaq. The new company will bring together the verticaol search technology of Converaa and the advertising sales and marketing capabilitie sof Firstlight.
It will have over 60 corporatre customer accounts and 120 existing Web sites withapproximately 1,50 0 advertisers. When the merger becomes effective, Convera will own 33.3 perceng and Firstlight will own 66.7 percent of the totalk outstanding common stock of thenew company, subject to certain adjustments whic h may enable Convera to own up to 42 percenf of the new company prior to the distribution. The mergeer is subject to Convera stockholders' approval and certaij other customaryclosing conditions. The merger is expected to closethis summer.