Convera Corporation Reduces Workforce To Streamline Operations.Business Editors VIENNA, Va.--(BUSINESS WIRE)--Feb. 20, 2002 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:CNVR CNVR Conveyor ), a leading provider of search and retrieval software products for corporate enterprises and government agencies, announced today that it is taking actions to accelerate its path to profitability by more efficiently aligning its operations around key vertical markets. These actions are expected to result in a remaining workforce of approximately 300, representing a reduction of 60 people worldwide with corresponding reductions in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . The Company plans to disclose specific estimates for costs savings and restructuring charges 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. associated with these measures during its fourth quarter and FY 2002 end of year financial results conference call scheduled for March 7, 2002. About Convera Convera provides software products that access, organize and utilize enterprise data, whether text, video, audio or image files. Convera's advanced technologies and products enable organizations to optimize the value of all their content, establishing an information infrastructure that effortlessly ef·fort·less adj. Calling for, requiring, or showing little or no effort. See Synonyms at easy. ef  fort·less·ly adv. scales to provide large numbers of users with fast, accurate, web-enabled access to all relevant information for a broad range of business critical applications including enterprise portals See corporate portal. , knowledge management, customer relationship management and many more. Convera serves over 750 customers in 29 countries from its offices throughout the U.S. and Europe. 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; 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 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. Convera(TM), the Convera design logo, RetrievalWare(R), and Screening Room(R) are worldwide trademarks of Convera Corporation or its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Convera Technologies, Inc. All other marks contained herein are trademarks of third parties. |
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