GRAVITY, the developer of Ragnarok Online announced that it has formed L5 Games Inc, a game development studio based in San Mateo, California, which will now be a wholly-owned subsidiary of GRAVITY Interactive, Inc. L5 Games has hired former Blizzard North employees who held leadership roles in successful franchises such as World of Warcraft, Diablo and the StarCraft and Warcraft series.

The official press release:

GRAVITY Announces New U.S. Game Development Studio
Comprised of Former Blizzard Members

SEOUL, South Korea, Dec. 5, 2007 (PRIME NEWSWIRE). GRAVITY, Co., Ltd. (Nasdaq:GRVY) (the "Company"), an online game developer and publisher, today announced that the Company has formed L5 Games Inc. ("L5 Games"), a game development studio based in San Mateo, California, which will now be a wholly-owned subsidiary of GRAVITY Interactive, Inc., GRAVITY's operation in the U.S.
 
L5 Games has hired former Blizzard North employees who held leadership roles in successful franchises such as World of Warcraft, Diablo and the StarCraft and Warcraft series. Over half of the employees have more than 10 years of experience in game development and represent a variety of cultural backgrounds.

"We are happy to announce that former employees of Blizzard North have joined L5 Games as members of the GRAVITY family," commented Mr. Il-Young Ryu, the Chairman and Chief Executive Officer of GRAVITY. Mr. Ryu added, "We intend to develop online games targeting the North American market, one of the fastest growing online gaming markets, with the outstanding developers of L5 Games who have a successful track record and thorough understanding of the culture of the North American market."

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About GRAVITY Co., Ltd.
Based in Korea, GRAVITY is a developer and distributor 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 22 markets. For more information, please visit http://www.gravity.co.kr.