Webzen to Acquire Assets of Korean Developer ROG
SEOUL, July 29 /Xinhua-PRNewswire-FirstCall/ -- Webzen Inc. (NASDAQ:WZEN) today
(July 30 Korean local time) signed an asset transfer agreement with Korea-based
developer ROG. Webzen will acquire all business rights to 'Project C'
(tentative title) and 'Ancient Blue,' including publishing rights, transfer
of employees, and intangible assets associated with the game titles. The
acquisition price, subject to adjustment, will be approximately KRW3.5 billion.
In March of 2003, Project C was selected as 'Superior Game in Planning' and
received prefunding from the Korea Game Development & Promotion Institute
('KGDI'). An action MMORPG, Project C delivers an action-packed gaming
experience, commensurate to console games, but with added massively multiplayer
appeal. Key features include both one-to-one and group combat against
monsters, game items that evolve and transform in appearance, and a 'story
quest' system previously only available through packaged games. The beta test
of Project C is planned for the second half of 2004.
'We look to benefit greatly from the addition of talented developers, who on
average have over six years of experience in the industry. We value the ROG
team's project execution and technical capabilities, attributes which will
contribute to future R&D initiatives beyond Project C,' said Nam Ju Kim, Chief
Executive Officer of Webzen. 'Furthermore, by leveraging on our publishing
expertise in servicing acquired titles, we will be able to diversify our
revenues sources in a shorter time frame,' Kim said.
Webzen currently has five additional titles in the Company's game pipeline,
including two titles under active internal development, two projects acquired
through the recent Delphieye acquisition and Project C.
About Webzen Inc.
Headquartered in Seoul, Korea, Webzen is a leading developer and publisher of
online games. The Company's current game "MU" is a three-dimensional, or 3D,
multiplayer online role-playing game that has grown since its introduction in
2001 to become one of the most popular online games in Korea and China. Founded
in 2000, Webzen recorded revenues of USD48 million for fiscal year 2003. More
information about Webzen can be found at http://www.webzen.co.kr/ .
Private Securities Litigation Reform Act Safe Harbor Statement This press release contains forward-looking statements, which are subject to
risks and uncertainties that may cause actual results to differ materially. Webzen Inc. disclaims any responsibility to update these forward-looking
statements.
CONTACT:
Grace Lee
Investor Relations
Tel: +822-3498-6813
Email: DATASOURCE: Webzen Inc.
CONTACT: Grace Lee of Webzen, +822-3498-6813, or Web Site: http://www.webzen.co.kr/
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