Webzen to Establish Overseas Subsidiary in Taiwan
SEOUL, Korea, July 7 /Xinhua-PRNewswire-FirstCall/ -- Webzen Inc. (NASDAQ:WZEN)
today announced plans to strengthen its presence across Asia by establishing an
overseas subsidiary in Taiwan.
Webzen Taiwan Inc. will be a fully-owned subsidiary of Webzen, with capital
stock of NT$ 60 million (approximately USD 1.8 million).
Webzen Taiwan will be headed by Yautian Chen, who has a successful track record
of managing an online game publishing business in Taiwan. The subsidiary will
comprise of a combination of Webzen personnel and local professionals.
"Through the establishment of Webzen Taiwan, we look to enhance our brand value
within Taiwan and to improve our overseas profitability," said Nam Ju Kim,
Chief Executive Officer of Webzen. Kim added, "Along with Korea and China,
Taiwan is a key market for online games in Asia. This investment positions us
well for launching and servicing additional titles in the future and represents
an important milestone in our efforts to establish a strong global network." At present, Webzen's overseas operations span across China, Taiwan, Japan, and
Thailand.
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 USD 48 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 Except for the
historical and present factual information contained herein, the matters set
forth in this press release, including statements as to the expected benefits
of the investment, and other statements identified by words such as "expects,"
"projects," "plans," and similar expressions are forward-looking statements
within the meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements 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
+822-3498-6813
DATASOURCE: Webzen Inc.
CONTACT: Grace Lee, Investor Relations of Webzen Inc., +822-3498-6813,
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