SEOUL, South Korea, June 17, 2009 (GLOBE NEWSWIRE) -- GRAVITY Co., Ltd. (Nasdaq:GRVY) ("GRAVITY" or "Company") announced today that the Company received a NASDAQ Staff Letter, dated June 12, 2009, noting that the Company has regained compliance with NASDAQ Listing Rule 5605(c)(2)(A) (the "Rule") which requires the Company to have an audit committee of at least three independent directors.
As previously announced on May 21, 2009, the Company had received a NASDAQ Staff Deficiency Letter, dated May 15, 2009, indicating that the Company was not in compliance with the audit committee composition requirement for continued listing under the Rule. On June 12, 2009, Mr. Kazuki Morishita resigned from the Company's audit committee and Mr. Jong Gyu Hwang was appointed to the Company's Board of Directors and audit committee. As a result of the appointment of Mr. Hwang, the Company has an audit committee comprised of three independent directors and received the Nasdaq Staff Letter noting that the Company complies with the Rule and that the matter is now closed.
About GRAVITY Co., Ltd.
Based in Korea, GRAVITY is a developer and publisher 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 39 countries and 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.