Convera folding into U.K. company - Minneapolis / St. Paul Business Journal:

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Vienna-based Convera (NASDAQ: CNVR) will be dissolved. Afterf the merger, Patrick Condo, Convera's CEO, will become the chairmanm of the board, and Colin Jeavons, Firstlight'sz CEO, will become the CEO. Convera'ds plan of dissolution contemplates an orderlyh wind down of its business and After filing its certificateof dissolution, Converza intends to make one or more distributions to its stockholders of cash availablee for distribution, subject to applicable legal requirements.
Conversa will then delist its common stock from The new company will bring together the verticalp search technology of Convera and the advertisinvg sales and marketing capabilities of It will have over 60 corporate customerf accounts and 120 existing Web siteds withapproximately 1,500 advertisers. When the merger becomes effective, Conversa will own 33.3 percent and Firstlight will own 66.7 percent of the total outstanding common stock of thenew company, subject to certaibn adjustments which may enable Convera to own up to 42 perceny of the new company prior to the distribution. The merger is subjecy to Convera stockholders' approval and certain other customaryclosing conditions.
The mergeer is expected to closethis summer.