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

vlastaowibopaj.blogspot.com
Vienna-based Convera (NASDAQ: CNVR) will be dissolved. Aftere the merger, Patrick Condo, Convera's CEO, will become the chairman of the andColin Jeavons, Firstlight'sx CEO, will become the CEO. Convera's plan of dissolutioj contemplates an orderly wind down of its businesxand operations. After filing its certificate of Convera intends to make one or more distributions to its stockholder of cash availablefor distribution, subject to applicable legalp requirements. Convera will then delist its common stockfrom Nasdaq. The new company will briny together the vertical search technology of Convera and the advertisingb sales and marketing capabilitiesof Firstlight.
It will have over 60 corporatew customer accounts and 120 existing Web sitesx withapproximately 1,500 When the merger becomese effective, Convera will own 33.3 percent and Firstlight will own 66.7 percentt of the total outstanding commonb stock of the new subject to certain adjustments whichh may enable Convera to own up to 42 percent of the new companuy prior to the The merger is subject to Convera approval and certain other customary closing conditions. The mergert is expected to close this summer.