Gravity,the developer of Ragnarok Online announced they had signed Memorandum of Understandings for Its Ragnarok Online 2(RO Zeny) Licenses in 5 Overseas Markets. and they will open the  beta testing in Korea by the end of this year or early next year.

Gravity Enters into Memorandum of Understandings for Its Ragnarok Online 2 Licenses in 5 Overseas Markets

SEOUL, South Korea, Aug. 22 /PRNewswire-FirstCall/ - Gravity, Co., Ltd. (NASDAQ:GRVY) , an online game developer and publisher, announced that it has entered into a number of memorandum of understandings, or MOUs, with various parties in Japan, Taiwan, Thailand, the Philippines and Brazil, for Ragnarok Online 2, which is the sequel to Ragnarok Online and with respect to which Gravity plans to launch the open beta testing in Korea by the end of this year or early next year.

The licensees are GungHo Online Entertainment Inc. for Japan, Gamania Digital Entertainment Co., Ltd. for Taiwan, Macau and Hong Kong, AsiaSoft Corporation Co., Ltd. for Thailand, Level Up! Inc., for the Philippines and Level Up! International Holdings for Brazil.

Mr. Il-Young Ryu, the Chief Executive Officer of Gravity, said, "Ragnarok Online 2 will offer a different online gaming experience from other Massively Multi-player Online Role Playing Games currently in the market, as it is focused more on themes of community, character and quests rather than battle. We are very encouraged by these agreements by which we are expected to make remarkable amount through the licensing of Ragnarok Online 2 in our principal markets. At the same time, we feel very serious responsibility to develop Ragnarok Online 2 such that it will meet the expectations of users with high quality and fun gaming experience RO Zeny."

Gravity also announced that it has renewed the exclusive license and distribution agreement of Ragnarok Online with GungHo in Japan, which is one of Gravity?s principal overseas markets. Under the terms of the renewal agreement, Gravity?s exclusive license of Ragnarok Online to GungHo has been renewed until August 2009.

The total value of the licensing arrangements resulting from the license of Ragnarok Online 2 under the MOUs and for the renewed license for Ragnarok Online is expected to be approximately US? 46 million.
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 currently offered commercially in 21 markets, including Japan, Taiwan and Thailand. For more information about Gravity, please visit http://www.gravity.co.kr/.