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Gravity's R.O.S.E. Blossoms in the Philippines

Gravity's R.O.S.E. Blossoms in the Philippines

SEOUL, South Korea, May 3 /PRNewswire-FirstCall/ -- Gravity Co., Ltd. , a leading developer and distributor of online games, today reissued the following release inline with a Form 6-K filed with the Securities and Exchange Commission on April 1, 2005.

R.O.S.E Online, the second Massive Multiplayer Online Role-Playing Game (MMORPG) to be published by Gravity, the producer of the Ragnarok online, will now be available in the Philippines. Under the agreement, Gravity granted exclusive licensing rights to distribute R.O.S.E Online in the Philippines to Level Up! Inc., a leading game company already servicing Gravity's Ragnarok Online in the Philippines.

R.O.S.E. Online (Rush On Seven Episodes) is a three-dimensional, action adventure, massively multiplayer online role playing game with seven independent storylines. Of the seven episodes to be introduced for R.O.S.E. Online, two episodes are currently available and the remaining five episodes are expected to be added over time. R.O.S.E. Online was developed by Trigger Soft Corporation, a Korean game developer with nearly ten years of experience in PC game development, in close coordination with Gravity's in-house game development team.

About Gravity Co. Ltd.

Based in Korea, Gravity is a leading developer and distributor of online games in Japan, Taiwan, Thailand and Korea. The Company's principal product, Ragnarok Online, is currently commercially offered in 20 markets. Gravity also offers a number of mobile games, which are played using mobile phones and other mobile devices, participates in the production of a televised animation series, and licenses the merchandizing of character-related products based on its online games. For more information visit http://www.gravity.co.kr/.

Forward-Looking Statements:

Certain statements in this press release include forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can 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. All forward-looking statements involve risks and uncertainties, including, but not limited to, the ability to diversify revenue, ability to collect license fees and royalty payments from overseas licensees and in a timely manner; ability to acquire, develop, license, launch, market or operate commercially successful online games; competition from companies that have greater financial resources; introduction of new products into the marketplace by competitors; the ability to recruit and retain quality employees as the Company grows; and economic and political conditions globally. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.

CONTACTS: In Korea: Kwan Shik Seo, CFO Gravity Co. Ltd. Tel: 82-2-516-5438(Ext 314) ksseo3311@gravity.co.kr In the U.S.: David Pasquale, EVP at The Ruth Group Tel: +646-536-7006 dpasquale@theruthgroup.com

Gravity Co., Ltd.

CONTACT: In Korea: Kwan Shik Seo, CFO, Gravity Co. Ltd.,
+82-2-516-5438 (Ext 314), ksseo3311@gravity.co.kr; In the U.S.: David
Pasquale, EVP at The Ruth Group, +1-646-536-7006, dpasquale@theruthgroup.com

Web site: http://www.gravity.co.kr/

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