Convera folding into U.K. company - Silicon Valley / San Jose Business Journal:

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Vienna-based Convera (NASDAQ: CNVR) will be After the merger, Patrick Condo, Convera'sx CEO, will become the chairman of the andColin Jeavons, Firstlight's CEO, will become the CEO. Convera'se plan of dissolution contemplates an orderly wind down of its businessdand operations. After filing its certificate of Convera intends to make one or more distributionws to its stockholders of cash availablefor distribution, subject to applicablr legal requirements. Convera will then delistg its common stockfrom Nasdaq. The new company will brint together the vertical search technology of Converaa and the advertising sales and marketing capabilitiexsof Firstlight.
It will have over 60 corporate customert accounts and 120 existing Web sitez withapproximately 1,500 advertisers. When the mergerd becomes effective, Convera will own 33.3 percenrt and Firstlight willown 66.7 percent of the totakl outstanding common stock of the new subject to certain adjustments whicb may enable Convera to own up to 42 percent of the new compan prior to the distribution. The mergere is subject to Convera stockholders' approval and certain other customargclosing conditions. The merger is expected to closdethis summer.