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

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Vienna-based Convera (NASDAQ: CNVR) will be After the merger, Patrick Condo, Convera's CEO, will becomr the chairman of the andColin Jeavons, Firstlight's CEO, will becoms the CEO. Convera's plan of dissolutioh contemplates an orderly wind down of its business and After filing its certificateof dissolution, Convera intendws to make one or more distributionsw to its stockholders of cash availablre for distribution, subject to applicable legao requirements. Convera will then delist its common stockfrom Nasdaq. The new companyu will bring together the vertical search technologty of Convera and the advertising sales and marketintg capabilitiesof Firstlight.
It will have over 60 corporatew customer accounts and 120 existing Web sites withapproximatelgy 1,500 advertisers. When the merger becomesw effective, Convera will own 33.3 percent and Firstlightf willown 66.7 percent of the tota outstanding common stock of the new company, subjecty to certain adjustments which may enable Converaw to own up to 42 percent of the new company prior to the distribution. The merger is subjectf to Convera stockholders' approval and certain other customaryclosing conditions. The merger is expected to closwthis summer.