GRAVITY Co., Ltd. Enters into an Agreement with Certain Shareholders of Neo-Cyon, Inc.
SEOUL, South Korea, Nov. 15 /PRNewswire-FirstCall/ -- GRAVITY Co., Ltd. (Nasdaq: GRVY) announced today that it entered into an agreement with certain shareholders of Neo-Cyon, Inc. ("Neo-Cyon") on November 15, 2005 to purchase shares of Neo-Cyon held by such shareholders, which upon closing of the transaction will result in Gravity holding a majority stake in Neo-Cyon. Neo-Cyon, a Korean company, provides mobile multimedia contents services to LG Electronics Inc., one of the largest manufacturers of mobile phones in the world. Upon closing of the purchase of the shares, Gravity will acquire control over the management of Neo-Cyon and will be in a position to appoint the majority of the board of directors of Neo-Cyon. The purchase price of the
shares is approximately KRW 6.2 billion and the transaction is expected to close on or about November 24, 2005. Gravity announced that the purpose of the transaction is to enhance its efforts in the mobile multimedia contents business.