Convera folding into U.K. company - Business First of Buffalo:

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Vienna-based Convera (NASDAQ: CNVR) will be dissolved. After the Patrick Condo, Convera's CEO, will become the chairmann of the board, and Colin Firstlight's CEO, will become the CEO. Convera's plan of dissolution contemplates an orderlg wind down of its businessxand operations. After filing its certificate of dissolution, Conver a intends to make one or more distributions to its stockholderss of cash availablefor distribution, subject to applicable legal requirements. Convera will then delist its common stockfrom Nasdaq. The new companty will bring together the vertical search technology of Convera and the advertisinv sales and marketing capabilitiexsof Firstlight.
It will have over 60 corporatde customer accounts and 120 existing Web sites withapproximatelyg 1,500 advertisers. When the merger becomezs effective, Convera will own 33.3 percenf and Firstlight will own 66.7 percentf of the total outstanding common stock of thenew company, subjec to certain adjustments which may enable Convera to own up to 42 percen of the new company prior to the The merger is subject to Conver stockholders' approval and certain other customary closiny conditions. The merger is expected to closethis summer.