PRESSRELEASENETWORK.com

Gravity to Acquire Controlling Interest in Barunson Interactive

Seoul, South Korea - Sep 28, 2010 (PRN): GRAVITY Co., Ltd. (NasdaqGM: GRVY) ("Gravity" or "Company"), an online game developer and publisher based in South Korea, today announced that it signed an agreement on September 28, 2010 to acquire a 50.8% equity interest in Barunson Interactive Co., Ltd. ("Barunson Interactive"), an online game developer based in Korea. The purchase price is KRW 11,688 million (approximately US$10,126 thousand). The closing of transaction is expected to occur on or about October 25, 2010 subject to customary closing condition. Upon closing of the purchase of the shares, Gravity will acquire control over the management of Barunson Interactive and will be in a position to appoint the majority of the board of directors of Barunson Interactive. Gravity announced that the purpose of the transaction is to strengthen its online game development capabilities and secure quality online game line up.

Barunson Interactive was founded in 2003 and currently has two massively multiplayer online role playing games ("MMORPG"s) commercially offered, Dragonica and Dragonraja, and one MMORPG under development. Dragonica, a three-dimensional side scrolling MMORPG, is commercially serviced in 10 countries including China, Japan and European countries. Gravity entered into a license agreement for Dragonica in the United States and Canada on August 17, 2010.

Mr. Toshiro Ohno, the President and CEO of Gravity, commented "We expect this transaction will create significant value for Gravity and its shareholders as Barunson Interactive has talented online game developers with great experience. We believe it represents an important step forward to secure continuous profit by diversifying our revenue source and create synergy from the two companies' online game development teams."

About GRAVITY Co., Ltd.
Based in Korea, Gravity is a developer and publisher of online games. Gravity's principal product, Ragnarok Online™, is a popular online game in many markets, including Japan, Taiwan and Thailand, and is currently commercially offered in 59 markets. For more information about Gravity, please visit http://www.gravity.co.kr.

Forward-Looking Statements:
Certain statements in this press release may include, in addition to historical information, "forward-looking statements" within the meaning of the "safe-harbor" provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" "project," or "continue" or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the "SEC"), including our registration statement on Form F-1, as amended, and our annual reports on Form 20-F, together with such other documents and we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

For more information, contact:

Mr. Heung Gon Kim
Chief Financial Officer
Gravity Co., Ltd.
Email: kheung@gravity.co.kr
Website: http://www.gravity.co.kr

Ms. Yoon Joo Lee
IR Manager
Gravity Co., Ltd.
Tel: +82-2-2132-7800
Email: yoonjoo.lee@gravity.co.kr


###

     


Next Release


1000Unknown column 'nrcount' in 'field list'


Information from Press Release Network may be freely distributed to any publication. Wherever applicable, please cite Press Release Network as the news source.

DISCLAIMER: The content of each press release is the responsibility of the publishing organisation and is not vetted or approved by Press Release Network prior to publication. Press Release Network is not liable directly or indirectly for any direct or consequential loss, damage or expense resulting from the material disseminated and published on the site. Subscribers are advised to check the accuracy of all press releases and to obtain their own professional advice in relation to such information.


 ADVERTISING LINKS
bullet International Humanitarian City - UAE Based logistics centre for the distribution of humanitarian aid GuestPosts.biz - Publish your articles in popular blogs bullet The Green Ecostore - Online store for Eco friendly products
bullet Go Green - Reduce consumption, Reuse products and Recycle trash
bullet Infographicsme.com - The art of Visual Communication in a 30 second world
To Advertise Your Link – Click Here
TOP
[ ORDER FORM ] [ NEWSROOM ] [ PRN RSS ] [ JOIN PRN WIRE ] [ SERVICES ] [ MEDIA CIRCUITS ] [ PRICING ]
[ CORPORATE PLANS ] [ FAQ'S ] [ MEDIA CENTER ] [ PR DIRECTORY ]
[ NEWSLETTER ] [ CASE STUDIES ] [ CONTACT US ] [ SITEMAP ]
HOME

ADVERTISING INFO

PRN HAS OVER 20,000 MEDIA SUBSCRIBERS