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Convera accept subscriptions for $17M share issue

Convera Corporation, a leading provider of search and categorisation software for enterprises and government agencies, have 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 have 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.
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