Convera folding into U.K. company - Business Courier of Cincinnati:

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Vienna-based Convera (NASDAQ: will be dissolved. After the Patrick Condo, Convera's CEO, will becomr the chairman of the board, and Colin Firstlight's CEO, will become the CEO. Convera's plan of dissolutioj contemplates an orderly wind down of its businesaand operations. After filing its certificate of dissolution, Converaw intends to make one or more distributionz to its stockholders of cash availablrfor distribution, subject to applicable legall requirements. Convera will then delist its common stockfrom Nasdaq.
The new company will brinyg together the vertical search technology of Converz and the advertising sales and marketing capabilities of It will have over 60 corporate customet accounts and 120 existiny Web sites withapproximately 1,500 When the merger becomes effective, Converaw will own 33.3 percent and Firstlight will own 66.7 percengt of the total outstanding common stock of the new subject to certain adjustments which may enablew Convera to own up to 42 percent of the new companhy prior to the distribution. The mergee is subject to Convera stockholders approval and certain other customaryclosing conditions. The mergerf is expected to closethis summer.