Gravity Announces Resignation of Directors

Friday, July 11, 2008 9:05 AM

SEOUL, South Korea, July 11, 2008 (PRIME NEWSWIRE) -- Gravity Co., Ltd. (Nasdaq:GRVY) ("Gravity" or the "Company") today announced that Messrs. Il Young Ryu and Seung Taik Baik resigned as executive directors and Jungil Lee and Kwangsuk Lee resigned as independent directors and audit committee members of the Company on June 30, 2008.

As a result of these resignations, the Company now has a board of directors comprised of 3 inside (executive) directors and 3 independent (non-executive) directors.

The Company's Board of Directors held a meeting at its offices in Seoul, Korea at 4pm on July 8, 2008, where the board of directors appointed new members of the Audit Committee, the Director Nomination Committee and the Compensation Committee as follows:

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                         Chairperson of Committee  Members
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 Audit Committee         William Woojae Hahn       William Woojae Hahn
                                                   Phillip Young Ho Kim
                                                   Luke Kang
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 Director Nomination     Luke Kang                 Luke Kang
  Committee                                        William Woojae Hahn 
                                                   Phillip Young Ho Kim
                                                  
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 Compensation Committee  Phillip Young Ho Kim      Phillip Young Ho Kim
                                                   Luke Kang
                                                   William Woojae Hahn
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About GRAVITY Co., Ltd.

Based in Korea, Gravity is a developer and publisher of online games. Gravity's principal product, Ragnarok Online(tm), is a popular online game in many markets, including Japan, Taiwan and Thailand, and is currently commercially offered in 23 countries. For more information about Gravity, please visit http://www.gravity.co.kr.

Forward-Looking Statements:

Certain statements in this press release may include, in addition to historical information, "forward-looking statements" within the meaning of the "safe-harbor" provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" "project," or "continue" or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the "SEC"), including our registration statement on Form F-1, as amended, and our annual reports on Form 20-F, together with such other documents and we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

CONTACT:  Gravity Co., Ltd.
          Mr. Jonathan J. Lee, Chief Financial Officer / Investor 
           Relations Officer
          +82-2-2132-7800
          jlee@gravity.co.kr

(Source: PrimeZone )