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

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Vienna-based Convera (NASDAQ: will be dissolved. After the Patrick Condo, Convera's CEO, will become the chairmanm of the board, and Colin Jeavons, Firstlight's CEO, will becomew the CEO. Convera's plan of dissolution contemplates an orderly wind down of its businessand operations. After filing its certificatee of dissolution, Convera intends to make one or more distributions to its stockholder of cash availablefor distribution, subjecr to applicable legal requirements. Converaz will then delist its common stockkfrom Nasdaq. The new companyy will bring together the vertical searcgh technology of Convera and the advertising salee and marketing capabilitiesof Firstlight.
It will have over 60 corporats customer accounts and 120 existing Web sites withapproximately 1,500 advertisers. When the merger becomes effective, Converza will own 33.3 percent and Firstlighgt willown 66.7 percent of the total outstandinf common stock of the new company, subjecyt to certain adjustments which may enable Converz to own up to 42 percenrt of the new company prior to the distribution. The mergert is subject to Convera stockholders' approval and certaibn other customary closing The merger is expectesd to closethis summer.