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Vienna-based Convera (NASDAQ: CNVR) will be After the merger, Patrick Condo, Convera's CEO, will becomse the chairman of the board, and Colin Firstlight's CEO, will become the CEO. Convera's plan of dissolution contemplates an orderly wind down of its business and After filing its certificateof dissolution, Converas intends to make one or more distributions to its stockholders of cash available for subject to applicable legal requirements. Conver will then delist its common stockkfrom Nasdaq. The new company will brinvg together the vertical search technology of Convera and the advertisingy sales and marketing capabilitiesof Firstlight.
It will have over 60 corporatr customer accounts and 120 existing Web sites withapproximately 1,50o advertisers. When the merger becomes effective, Converaz will own 33.3 percent and Firstlight will own 66.7 percentt of the total outstanding common stocj of thenew company, subjecft to certain adjustments which may enablre Convera to own up to 42 percen t of the new company prior to the distribution. The merger is subject to Converaa stockholders' approval and certainn other customary closing The merger is expected to closethis summer.
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