All of Excalibur's (EXCA) outstanding shares have been converted into shares of Convera Corporation, a new publicly traded company, and the entirety of Excalibur's business will be folded into the operations of the new company. Effective December 22, 2000, shares of Convera will be traded on the NASDAQ National Market under the ticker symbol CNVR.
Intel and Excalibur announced their agreement to form the new company in May 2000. In September 2000, the National Basketball Association signed a long-term agreement with Intel to develop and distribute interactive NBA content, including enhanced broadband programming and interactive game broadcasts.
Convera combines Excalibur's 20-year investment in the creation of market-leading content management technologies, products and capabilities with the technologies and expertise that Intel and Intel's Interactive Media Services division have developed over the past decade in content protection and content enrichment.
Plans for Convera focus on empowering content owners to extract value from their high-worth digital content by providing advanced technologies, products and services that allow content to be managed, enhanced and distributed securely over IP-enabled networks--intranets, the Internet, set top boxes and wireless devices.
Under the terms of the transaction, Intel contributed its Interactive Media Services Division and invested $150 million in Convera, as well as provided key technologies for content protection. Excalibur contributed its entire business operations to Convera.
Ron Whittier, former senior vice president and General Manager of the Interactive Media Services Division at Intel, is Chairman and Chief Executive Officer of Convera. Pat Condo, former CEO of Excalibur, is President and Chief Operating Officer of Convera. The new company has offices throughout the U.S. and Europe with major offices in Virginia, California, Maryland and Oregon. |
