Webzen Sells China Rights For Huxley To The9

[gobbly2100]

WEBZEN SELLS CHINA RIGHTS FOR HUXLEY TO THE9 FOR $35 MILLION

- Agreement Marks the Largest Export License for a Korean Online Games Developer

SEOUL, South Korea – Feb. 12, 2007 – WEBZEN Inc. (NASDAQ: WZEN), a leading global online entertainment company, today announced that it has signed an export license contract for the much-anticipated massively multiplayer online first person shooting game (MMOFPS) Huxley with China¡¯s premier game publisher The 9.

The total projected amount of the agreement for Huxley¡¯s distribution and service rights is estimated at $35 million. This includes the down payment and a minimum guarantee for a three year period, while the royalty rate is set at 22% for the duration of the contracted term. The agreement covers the PC version of the game.

With additional profit sharing, such as revenues from in-game advertisements, the value of this contract is believed to be the largest export transaction for a single game to a single country for a Korean game developer.

¡°With this first deal in China, we are confident that we will continue to have additional Huxley contracts in other territories around the world,¡± said Nam Ju Kim, chief executive officer, Webzen, Inc. ¡°We expect that Huxley will emerge as a flagship title for WEBZEN, based on its high anticipation in Korea, China, the U.S. and other key markets.¡±

Huxley marks the third Webzen game to be licensed to The9 in China. Following behind The9¡¯s successful launch, operation and marketing support of MU, Webzen granted the Chinese game provider the rights to Soul of the Ultimate Nation, which is currently in closed beta testing in China.

A launch date for Huxley in China has not been announced, but the game is scheduled to launch its PC version in Korea later this year.

This news was streight from Webzen