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Vienna-based Convera (NASDAQ: CNVR) will be dissolved. Afte r the merger, Patrick Condo, Convera's CEO, will becom e the chairman of the board, and Colijn Jeavons, Firstlight's CEO, will become the CEO. Convera's plan of dissolutionn contemplates an orderly wind down of its business and operations. After filing its certificate of dissolution, Converwa intends to make one or more distributions to its stockholderas of cash availablefor distribution, subject to applicable legao requirements. Convera will then delist its common stock from The new company will brinh together the vertical search technology of Converaz and the advertising salesz and marketing capabilitiesof Firstlight.
It will have over 60 corporatd customer accounts and 120 existingv Web sites withapproximately 1,500p advertisers. When the merger becomes Convera willown 33.3 percent and Firstlight will own 66.7 percent of the total outstanding common stock of the new subject to certain adjustments which may enable Convera to own up to 42 perceny of the new company prior to the The merger is subject to Convera stockholders' approvao and certain other customaryg closing conditions. The merger is expectee to closethis summer.
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