Key Developments For GRAVITY Co., Ltd.
GRAVITY Co., Ltd. (GRVY.O) (Consolidated Issue listed on NASDAQ Global Market)
Gravity Co., LTD. Appoints Mr. Brian Yoon Seok Kang As Chief Executive Officer, Co-Chief Operating Officer, Chief Compliance Officer And Chairman
Gravity Co., LTD. announced that Mr. Brian Yoon Seok Kang has been appointed as Chief Executive Officer, Co-Chief Operating Officer, Chief Compliance Officer and Chairman of the Board of Directors. Mr. Kang replaces Mr. Il Young Ryu, who has resigned as Chief Executive Officer and Chairman of the Board of Directors, and Mr. Kyu Hyeong Lee, who has resigned as Chief Compliance Officer.
Gravity Co., LTD. And FOX Licensing & Merchandising Enter Into Exclusive Licensing Agreement For Ice Age Online
Gravity Co., LTD. announced that it has entered into a licensing agreement with 20th Century FOX Licensing & Merchandising for an exclusive seven-year worldwide right to develop and publish "Ice Age Online", an online game based on FOX's "Ice Age" motion picture franchise. The game will include elements from both blockbuster films "Ice Age" and "Ice Age: The Meltdown.
Gravity Co., LTD Announces Appointment Of New CFO
Gravity Co., LTD announced that it has appointed Jonathan J. Lee as its new Chief Financial Officer. He replaces Tae Sung Hwang, who resigned from his post as CFO.
Gravity Co., LTD. Enters Into License And Distribution Agreement For Emil Chronicle Online In Mainland China
Gravity Co., LTD. announced that it has entered into a License and Distribution Agreement for Emil Chronicle Online (or ECO) in mainland China. The agreement for China was entered into with a wholly owned subsidiary of The9 Limited in China in January 2007, which is effective for 3 years from the commercial service date. As a result of the agreement, the total revenue from ECO for the term of the agreement in these territories is expected to amount over $ 6.8 million including license fees and minimum guaranteed payments.
Gravity Co., LTD. Announces Removal Of CEO
Gravity Co., LTD. announced that, based on final voting results, approximately 86.9% of the minority shareholders and ADS holders of the Company (Gravity) voted in favor of the Committee's proposal to remove Mr. Il Young Ryu, Chairman and Chief Executive Officer of the Company, and Mr. Seung Taik Baik, Senior Executive Vice President and Chief Operating Officer of Gravity, as directors of the Company at the Extraordinary General Meeting of the Company's shareholders held on December 26, 2006. The Committee also noted that its proposal received the support of 97.4% of all outstanding shares and ADS's voted by minority shareholders.
