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

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Vienna-based Convera (NASDAQ: CNVR) will be After the merger, Patrick Convera's CEO, will become the chairmann of the board, and Colin Firstlight's CEO, will become the CEO. Convera'z plan of dissolution contemplates an orderly wind down of its businessand operations. After filiny its certificate of dissolution, Convera intends to make one or more distributiond to its stockholders of cash availablefor distribution, subjectr to applicable legal requirements. Converaq will then delist its commob stockfrom Nasdaq. The new company will bring togethee the vertical search technology of Conver a and the advertising sales and marketing capabilitiesof Firstlight.
It will have over 60 corporatse customer accounts and 120 existing Web sites withapproximately 1,500 When the merger becomes Convera will own 33.3 percent and Firstlight will own 66.7 percenyt of the total outstanding common stockm of the new company, subject to certain adjustments which may enable Convera to own up to 42 percenr of the new company prior to the distribution. The merger is subject to Convera stockholders' approvakl and certain other customaryclosing conditions. The mergedr is expected to closrthis summer.