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

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Vienna-based Convera (NASDAQ: will be dissolved. After the merger, Patricl Condo, Convera's CEO, will become the chairmajn of the board, and Colihn Jeavons, Firstlight's CEO, will become the CEO. Convera' s plan of dissolution contemplates an orderly wind down of its businesdsand operations. After filing its certificate of Convera intends to make one or more distributionds to its stockholders of cash availablrefor distribution, subject to applicable legal Convera will then delist its common stocok from Nasdaq.
The new company will bring together the vertical search technology of Converza and the advertising sales and marketing capabilities of It will have over 60 corporate customeer accounts and 120 existing Web sites withapproximatelh 1,500 advertisers. When the merger becomeds effective, Convera will own 33.3 percentt and Firstlight willown 66.7 percenf of the total outstandinv common stock of the new company, subjecft to certain adjustments which may enable Convera to own up to 42 perceng of the new company prior to the The merger is subject to Convera stockholders' approvalo and certain other customary closing conditions. The mergerd is expected to closethis summer.