EXHIBIT 99
Contact: Anna Van Lier
Director, Corporate Communications
Convera
703.761.5274
avanlier@convera.com
CONVERA ACCEPTS SUBSCRIPTIONS FOR $17 MILLION COMMON STOCK PLACEMENT
Vienna, Va., July 28, 2003 - Convera Corporation (NASDAQ: CNVR), a leading
provider of search and categorization software for enterprises and government
agencies, today announced the company has accepted subscriptions for the sale of
a total of 4,714,111 newly-issued shares of common stock in a private placement
to a group of institutional investors. The shares were priced at $3.60 per share
on July 23, 2003, and the transaction is expected to close within the next
several days. The private placement will result in gross proceeds of
approximately $17.0 million.
Upon the closing of the private placement, Convera intends to use the
proceeds for general corporate purposes, including potential acquisitions.
The shares of common stock have not been registered under the Securities
Act of 1933 and may not be subsequently offered or sold by the investors in the
United States absent registration or an applicable exemption from the
registration requirements. Convera has agreed to file a registration statement
covering resales of the common stock by investors. This press release does not
constitute an offer to sell or the solicitation of an offer to buy any security
and shall not constitute an offer, solicitation or sale of any securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
About Convera Convera is a leading provider of mission-critical enterprise
search and categorization solutions. Convera's RetrievalWare solutions maximize
return on investment in vast stores of unstructured information by providing
highly scalable, fast, accurate and secure search across more than 200 forms of
text, video, image and audio information, in more than 45 languages. More than
800 customers in 33 countries rely on Convera's search solutions to power a
broad range of mission-critical applications including enterprise portals,
knowledge management, intelligence gathering, profiling, corporate policy
compliance, regulatory compliance, customer service and more. For more
information, contact Convera at 800-788-7758, via e-mail at info@convera.com or
on the Web at www.convera.com.
This release, including any statements from Convera personnel, contains
statements about Convera's future expectations, performance, plans, and
prospects, as well as assumptions about future events. The reader is cautioned
not to put undue reliance on these forward-looking statements, as these
statements are subject to numerous factors and uncertainties, including without
limitation, business and economic conditions and trends; continued success in
technological advances; possible disruption in commercial activities caused by
terrorist activity and armed conflict, such as changes in logistics and security
arrangements; reduced customer demand relative to expectations; competitive
factors; and other risk factors listed from time to time in the company's SEC
reports. Actual results may differ materially from our expectations as the
result of these and other important factors relating to Convera's business and
product development efforts, which are further described in Convera's filings
with the Securities and Exchange Commission. These filings can be obtained from
the SEC's website located at www.sec.gov. Any forward-looking statements are
based on information available to Convera on the date of this release, and
Convera assumes no obligation to update such statements.
The Convera design logo and the following are worldwide trademarks of
Convera: Convera(TM), RetrievalWare(R), and Screening Room(R). The names of
actual companies and products mentioned herein may be the trademarks of their
respective owners.
###