SEOUL, South Korea, Nov. 29 /Xinhua-PRNewswire-FirstCall/ -- Webzen Inc. (NASDAQ:WZEN) announced that the company decided to repurchased treasury stock 250,000 shares in order to stabilize the stock price. Estimated repurchase amount will be 2.2 billion won. The repurchase amount is computed based on the closing price of the previous day (November 28th, 2007). The repurchase period is Dec.03 2007 - Feb.29 2008. Webzen's total treasury stock balance after this repurchase is 797,705(6.15%) -- Purpose: Stabilize treasury stock price
-- Number of Shares to be repurchased: 250,000 (2%)
-- Estimated Repurchase Amount: 2.2 billion won
-- Repurchase Period: 2007.12.03 - 2008.02.29 Since present stock price is much lower than its company value and Webzen's growth potential does not reflect to the stock price, management decided to repurchase treasury stock.
As of end of Q3, our cash and cash equivalent asset was 74 billion won. The current ratio is over 1000% that we have maintained stable financial structure. We are anticipating the black ink the Q4 ordinary profit due to the disposal of tangible assets and disposable stock.
Media contact: Mr. Donghoon Lee
Manager
Investor Relations
Webzen Inc. Tel: +82-2-3498-6818
Fax: +82-2-2057-2568
Email: DATASOURCE: Webzen Inc.
CONTACT: Donghoon Lee of Webzen Inc., +82-2-3498-6818, fax +82-2-2057- 2568,
|