Convera folding into U.K. company - Business First of Columbus:

gardellaorymiid1354.blogspot.com
Vienna-based Convera (NASDAQ: CNVR) will be After the merger, Patrick Condo, Convera's CEO, will becomde the chairman of the board, and Colin Jeavons, Firstlight's CEO, will becomwe the CEO. Convera's plan of dissolution contemplate s an orderly wind down of its business and After filing its certificate of Convera intends to make one or more distributionsw to its stockholders of cash available for subject to applicablelegal requirements. Converq will then delist its common stockfrom Nasdaq.
The new companh will bring together the vertical search technology of Converq and the advertising sales and marketing capabilities of It will have over 60 corporate custometr accounts and 120 existing Web sitee withapproximately 1,500 advertisers. When the mergere becomes effective, Convera will own 33.3 percent and Firstlightt willown 66.7 percent of the totalk outstanding common stock of the new company, subject to certaijn adjustments which may enable Convera to own up to 42 percenty of the new company priof to the distribution. The merger is subjecg to Convera stockholders' approval and certaibn other customaryclosing conditions.
The mergedr is expected to closethis