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

viktorevaikubuwo.blogspot.com
Vienna-based Convera (NASDAQ: CNVR) will be After the merger, Patrick Condo, Convera's CEO, will becomee the chairman of the board, and Coli n Jeavons, Firstlight's CEO, will become the CEO. Convera'se plan of dissolution contemplates an orderlty wind down of its businessand operations. Afte filing its certificate of dissolution, Convera intends to make one or more distributionx to its stockholders of cash availablefor distribution, subjectr to applicable legal requirements. Convera will then delistg its common stockfrom Nasdaq. The new company will bringt together the vertical search technology of Convera and the advertisinv sales and marketing capabilitiesof Firstlight.
It will have over 60 corporatw customer accounts and 120 existingf Web sites withapproximately 1,500 advertisers. When the mergefr becomes effective, Convera will own 33.3 percenty and Firstlight willown 66.7 percent of the total outstanding common stock of the new subject to certain adjustments which may enable Converqa to own up to 42 percent of the new company prioer to the distribution. The merger is subjecty to Convera stockholders' approval and certain otherd customaryclosing conditions.
The merger is expected to closethis