Convera Announces Corporate Restructuring; Company to Increase Focus on High-End Search Market; Re-Alignment Aimed to Reduce Approximately $10 Million of Annualized Expense.VIENNA, Va. -- Convera Corporation Convera was formed in December 2000 by the merger of Intel's Interactive Services division and Excalibur Technologies Corporation. Until 2007, Convera's primary focus was the enterprise search market through its flagship product, RetrievalWare, which is widely used within the secure (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNVR CNVR Conveyor ), a leading provider of search and categorization software for enterprises and government agencies, today announced that it has effected a re-alignment of its operational infrastructure. This action is aimed at reducing approximately $10 million of annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. expense through a general workforce reduction, facility consolidations, reduced marketing related expenses and decreased other general operating costs operating costs npl → gastos mpl operacionales . Additionally, as part of this restructuring, the Company will transfer certain existing personnel resources to the Company's previously announced web indexing Web indexing (or "Internet indexing") includes back-of-book-style indexes to individual websites or an intranet, and the creation of keyword metadata to provide a more useful vocabulary for Internet or onsite search engines. initiative. Once concluded, the Company's primary focus will be to accelerate its web indexing development activities and to increase Convera's existing presence in the high-end search market, specifically within the law enforcement and intelligence gathering community as well as the media, entertainment and publishing sectors. These expense adjustments are aimed at positioning the Company's Intranet search products business (e.g. RetrievalWare) to reach net income profitability. The Company expects to increase the level of investment in its web indexing initiative and as previously disclosed may elect to seek funding sources for this development effort over the coming quarters. The Company will take a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of approximately $800,000 during its fourth quarter related to this re-alignment. 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 900 customers in 33 countries rely on Convera's search solutions to power a broad range of applications including enterprise portals See corporate portal. , 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , as these statements are subject to numerous factors and uncertainties, including without limitation, business and economic conditions and trends; the ability to continue funding operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. ; fluctuations in operating results including impacts from reduced corporate IT spending and lengthier sales cycles; continued success in technological advances and development including the Web indexing initiative; 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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. |
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