Gravity Co. signs licensing agreements for Ragnarock Online 2.

Gravity, Co., an online game developer and publisher, announced that it has entered into licensing agreements for Ragnarok Online 2 (or RO2) in Japan and Thailand, pursuant to Memorandum of Understandings, or MOUs, entered into with various licensees in each country in August 2006.

The agreement was entered into with GungHo Online Entertainment in Japan on September 29, 2006 and with Asiasoft Corporation in Thailand on September 22, 2006, effective from the commercial service date of the game.

As a result of these agreements, the company is expected to earn US$ 23 million or more in license fees and minimum guaranteed payments during the first two to three years from the date that commercial service of RO2 commences in these two markets.

Mr. Il Young Ryu, Chairman and Chief Executive Officer of Gravity, said "We will continue to reinforce the strategy of expanding our global markets by penetrating into new markets with RO2 and maintaining our current markets of RO. In addition to the above two markets, we are in the final stages of negotiations to license and distribute RO2 in other countries, which we plan to disclose as soon as the operative agreements are finalized and executed. We are executing the internal alpha test of RO2 and we do not expect any difficulties in launching the beta testing of RO2 in Korea by the end of this year or early next year. In a fiercely competitive market for online games, we hope that RO2 is as successful as its predecessor RO."

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