SEOUL, South Korea, Aug. 29, 2007 (PRIME NEWSWIRE) -- GRAVITY Co., Ltd. (Nasdaq:GRVY) (the "Company") announced today that it had launched commercial service of its online game, Emil Chronicle Online ("ECO"), in Korea on August 3, 2007 and that it had entered into a License and Distribution Agreement for ECO in Taiwan and Hong Kong on August 1, 2007.
GRAVITY started the open beta testing of ECO in Korea in April 2007 and the game has maintained a steady pool of players in Korea. After Japan, Korea is the second market in which ECO has been launched. The license agreement with GameCyber Technology Ltd. for the Taiwan and Hong Kong markets was executed on August 1, 2007, and is effective for 3 years from the commercial service date.
GRAVITY plans to commercialize ECO in Thailand, where the open beta testing started in June 2007, in the third quarter of 2007. Il Young Ryu, Chairman and Chief Executive Officer of Gravity, commented: "Based on the past performance of Ragnarok Online(tm), as the leading online game in Taiwan and Thailand, we are hopeful that ECO should also perform well in these markets."
The company is expected to earn in the aggregate, a minimum of US$7.5 million through license fees and minimum guaranteed payments in the various territories covered.
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:
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