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Vienna-based Convera (NASDAQ: CNVR) will be After the merger, Patrick Condo, Convera's CEO, will becomee the chairman of the board, and Colin Firstlight's CEO, will become the CEO. Convera's plan of dissolutiohn contemplates an orderly wind down of its businesdand operations. After filing its certificate of dissolution, Convera intends to make one or more distributions to its stockholderxs of cash available for subject to applicable legal Convera will then delist its common stockfrom Nasdaq. The new companty will bring together the verticalk search technology of Convera and the advertising sales and marketin g capabilitiesof Firstlight.
It will have over 60 corporate custome accounts and 120 existing Web sites withapproximately 1,500 advertisers. When the merged becomes effective, Convera will own 33.3 percent and Firstligh t willown 66.7 percent of the total outstandingy common stock of the new company, subjecg to certain adjustments which may enablew Convera to own up to 42 percent of the new companu prior to the distribution. The merget is subject to Convera stockholders' approval and certain other customary closing conditions. The merger is expected to clos ethis summer.
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