SEOUL, South Korea, Dec. 5, 2007 (PRIME NEWSWIRE) -- GRAVITY, Co., Ltd. (Nasdaq:GRVY) (the "Company"), an online game developer and publisher, today announced that the Company has formed L5 Games Inc. ("L5 Games"), a game development studio based in San Mateo, California, which will now be a wholly-owned subsidiary of GRAVITY Interactive, Inc., GRAVITY's operation in the U.S.
L5 Games has hired former Blizzard North employees who held leadership roles in successful franchises such as World of Warcraft, Diablo and the StarCraft and Warcraft series. Over half of the employees have more than 10 years of experience in game development and represent a variety of cultural backgrounds.
"We are happy to announce that former employees of Blizzard North have joined L5 Games as members of the GRAVITY family," commented Mr. Il-Young Ryu, the Chairman and Chief Executive Officer of GRAVITY. Mr. Ryu added, "We intend to develop online games targeting the North American market, one of the fastest growing online gaming markets, with the outstanding developers of L5 Games who have a successful track record and thorough understanding of the culture of the North American market."
About GRAVITY Co., Ltd.
Based in Korea, GRAVITY is a developer and distributor of online games. GRAVITY's principal product, Ragnarok Online(tm), is a popular online game in many markets, including Japan, Taiwan and Thailand, and is currently commercially offered in 22 markets. For more information, 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 of 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 will 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 2005 and 2006 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, including 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.
This release can also be viewed at http://www.pressreleasenetwork.com/newsroom