GRAVITY Co., Ltd. - Form 6-K

Washington, D.C. 20549

Form 6-K

PURSUANT TO RULE 13a-16 OR 15d-16

For the month of October, 2005

(Translation of registrant’s name into English)
Shin-Gu Building, 620-2 Shinsa-Dong, Gangnam-Gu, Seoul, 135-894, Korea
(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 

GRAVITY Co., Ltd. enters into a Memorandum of Understanding with  
CJ Internet Corp. 
SEOUL, South Korea, October 25, 2005. GRAVITY Co., Ltd. (NASDAQ: GRVY) 
Today, we entered into a non-binding Memorandum of Understanding (“MOU”) with 
CJ Internet Corp. (“CJ Internet”) to explore the possibility of entering into 
a strategic alliance regarding the development, publishing and servicing of 
certain online games in Korea. We have agreed with CJ Internet to establish a 
joint committee to formulate and negotiate the terms and conditions of the 
strategic alliance, which the parties have agreed in principle will include: 
-	Online games developed and published by us in Korea will be serviced by the 
website operated by CJ Internet,; 
-	CJ Internet will have the right to co-publish certain games developed or 
published by us; 
-	Revenue sharing arrangements for the online games which will be co-published 
by CJ Internet and us will be subject to further agreement; and 
-	The term of the strategic alliance will be three years. 
CJ Internet and we have agreed that neither party will pursue with any other 
party a strategic alliance regarding the development and publishing of online 
games.  The MOU will expire on the date which is the earlier of the date which 
is three months from today and the date CJ Internet and we enter into 
definitive agreements concerning the strategic alliance.  
We believe that by utilizing CJ Internet’s dominant domestic position in 
online game publishing, we will be able to more effectively market in Korea 
the online games we develop.  Furthermore, we believe that as we will be able 
to rely on CJ Internet for domestic marketing, we will be able to focus on our 
overseas business, as well as on development of online games, sourcing of new 
game developers and global publishing.  We expect that the combination of our 
game development capabilities and CJ Internet’s publishing strengths will 
achieve synergistic effects for the benefit of both parties.   
About GRAVITY Co., Ltd. 
Based in Korea, Gravity is a developer and distributor of online games. The  
Company's principal product, Ragnarok Online, is currently commercially  
offered in 20 markets.  For more information visit 
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 Gravity grows; and economic and political  
conditions globally. Actual results may differ materially from those discussed 
in, or implied by, forward-looking statements. The forward-looking statements  
speak only as of the date of this release and Gravity assumes no duty to  
update them to reflect new, changing or unanticipated events or circumstances. 
In Korea: 
John C. Chung 
Tel: 82-2-3485-1002	 
In the U.S.: 
David Pasquale, EVP 
The Ruth Group 
Tel: +646-536-7006 

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: 10/25/2005 By: /s/John C. Chung

  Name:  John C. Chung
  Title: Investor Relations Officer