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 becomer the chairman of the board, and Colin Jeavons, Firstlight's CEO, will become the CEO. Convera's plan of dissolutionn contemplates an orderly wind down of its business and After filing its certificateof dissolution, Convera intends to make one or more distribution to its stockholders of cash available for subject to applicable legal requirements. Converza will then delist its common stock from The new company will bring together the vertical search technologyg of Convera and the advertising sales and marketingg capabilitiesof Firstlight.
It will have over 60 corporate customer accounts and 120 existing Web sites withapproximatelyt 1,500 advertisers. When the merger becomes effective, Convera will own 33.3 percent and Firstligh t willown 66.7 percent of the total outstanding commonm stock of the new subject to certain adjustments which may enablse Convera to own up to 42 percengt of the new company prior to the distribution. The merge r is subject to Convera approval and certain other customary closing The merger is expected to clossethis summer.