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Vienna-based Convera (NASDAQ: CNVR) will be dissolved. After the Patrick Condo, Convera's CEO, will becom the chairman of the andColin Jeavons, Firstlight's CEO, will becomse the CEO. Convera's plan of dissolutiomn contemplates an orderly wind down of its businessand operations. Aftee filing its certificate of dissolution, Convera intends to make one or more distributiones to its stockholders of cash available for subject to applicablelegal requirements.
Conver will then delist its common stock from The new company will brinfg together the vertical search technology of Convera and the advertising sales and marketing capabilities of It will have over 60 corporate customer accounts and 120 existingt Web sites withapproximately 1,509 advertisers. When the merger becomes effective, Converaq will own 33.3 percent and Firstlight will own 66.7 percengt of the total outstanding common stocj of thenew company, subject to certain adjustments whicb may enable Convera to own up to 42 percent of the new companyu prior to the distribution. The merger is subjecyt to Convera stockholders' approval and certain otheer customaryclosing conditions.
The merger is expecte to closethis
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