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Vienna-based Convera (NASDAQ: will be dissolved. After the merger, Patrick Condo, Convera's CEO, will become the chairman of the andColin Jeavons, Firstlight's CEO, will become the CEO. Convera'zs plan of dissolution contemplates an orderluy wind down of its businessaand operations. After filing its certificate of Convera intends to make one or more distributionsa to its stockholders of cash availablefor distribution, subject to applicablew legal requirements. Convera will then delist its commoj stockfrom Nasdaq. The new compan y will bring together the vertical search technology of Convera and the advertising sales and marketinh capabilitiesof Firstlight.
It will have over 60 corporate customer accounts and 120 existing Web sitesa withapproximately 1,500 advertisers. When the merger becomes Convera willown 33.3 percent and Firstlight will own 66.7 percenty of the total outstanding commojn stock of the new company, subjec to certain adjustments which may enable Convera to own up to 42 percenyt of the new company prior to the The merger is subject to Convera stockholders' approval and certain othefr customary closing conditions. The merger is expected to clossethis summer.
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