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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
January 6, 2006
GRAVITY CO., LTD.
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(Translation of registrant's name into English)
14F Meritz Tower, 825-2 Yeoksam-Dong, Gangnam-Gu, Seoul, 135-934, Korea
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(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F: [X] Form 20-F [ ] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
[ ] Yes [X] No
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): n/a
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[LOGO OF GRAVITY]
Contacts: Gravity Co. Ltd
James O. Kwon
82-2-2019-6014
ohsung@gravity.co.kr
- or -
Brian Rafferty
Taylor Rafferty, New York
1-212-889-4350
- or -
John Dudzinsky
Taylor Rafferty, London
44-20-7614-2900
gravity@taylor-rafferty.com
GRAVITY ANNOUNCES MANAGEMENT AND DIRECTOR CHANGE
Seoul, South Korea - January 6, 2006 - Gravity Co., Ltd. (NASDAQ: GRVY), an
online game developer and distributor, announced today certain changes in its
board of directors and management.
Mr. Kwan Shik Seo has indicated his intention to resign as a member of the Board
of Directors of the Company, to be effective on January 8, 2006. The Company
currently does not have any plans to appoint a new director to fill Mr. Seo's
position, and therefore, subsequent to January 9, 2006, the Company's Board of
Directors will consist of five members.
Mr. William W. Song resigned from his position as Chief Financial Officer for
personal reasons on December 27, 2005. Mr. Song served as the Company's Chief
Financial Officer from July 15, 2005 through December 27, 2005. Also, Mr. John
C. Chung, resigned from his position as the Company's Investor Relations Officer
on December 28, 2005, which role he has served since July 4, 2005. Mr. Chung
will maintain his position as the Company's General Counsel. It is expected that
the role of Chief Financial Officer and Investor Relations Officer will be taken
on by Mr. James O. Kwon, which is expected to be effective upon approval of such
appointment at the meeting of the Company's Board of Directors to be held on
January 9, 2006. Mr. Kwon recently served as a principal at LG Venture
Investment, from January of 2000. Prior to that, Mr. Kwon was a consultant at
PricewaterhouseCoopers Korea from 1997 through December of 1999.
ABOUT GRAVITY CO., LTD.
Based in Korea, Gravity is a developer and distributor of online games.
Gravity's principal product, Ragnarok Online, is a popular online game in many
markets, including Japan, Taiwan and Thailand, and is currently commercially
offered in 20 markets. 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 of
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 will
contain these words. These forward-looking statements are based on our current
assumptions, expectations and projections about future events. All
forward-looking statements involve risks and uncertainties that may cause our
actual performance, financial condition or results of operations to be
materially different from those suggested by the forward-looking statements,
including, but not limited to, our ability to diversify revenue; our ability to
collect, and in a timely manner, license fees and royalty payments from overseas
licensees; our ability to acquire, develop, license, launch, market or operate
commercially successful online games; our ability to compete effectively in a
highly competitive industry; our ability to anticipate and access technological
developments in our industry; our ability to recruit and retain quality
employees as we grow; our ability to implement our growth strategies; and
economic and political conditions globally. 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 report on Form 20-F, together
with such other documents and we may submit to or file with the SEC from time to
time, including 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GRAVITY Co., Ltd.
Date: 1/6/2006
By: /s/ Il Young Ryu
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Name: Il Young Ryu
Title: Chief Executive Officer