GRAVITY Co., Ltd. - Form 6-K

Washington, D.C. 20549

Form 6-K

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

November 15, 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. (“Gravity” – Nasdaq: GRVY), Seoul, Korea, November 16, 2005. 
Gravity announced today that it entered into an agreement with certain 
shareholders of Neo-Cyon, Inc. (“Neo-Cyon”) on November 15, 2005 to purchase 
shares of Neo-Cyon held by such shareholders, which upon closing of the 
transaction will result in Gravity holding a majority stake in Neo-Cyon.  
Neo-Cyon, a Korean company, provides mobile multimedia contents services to LG 
Electronics Inc., one of the largest manufacturers of mobile phones in the 
world.  Upon closing of the purchase of the shares, Gravity will acquire 
control over the management of Neo-Cyon and will be in a position to appoint 
the majority of the board of directors of Neo-Cyon.  The purchase price of the 
shares is approximately KRW 6.2 billion and the transaction is expected to 
close on or about November 24, 2005.  Gravity announced that the purpose of 
the transaction is to enhance its efforts in the mobile multimedia contents 
Since its inception in 2000, Neo-Cyon has built and serviced mobile multimedia 
contents service systems, including mobile games, sound and graphics, in a 
number of countries including in particular, Korea and Russia.  Neo-Cyon was 
the first online games services provider to publish an online game in Russia.  
The current intent is for Neo-Cyon to, upon completion of open beta testing in 
the Russian market, begin commercial servicing of Ragnarok Online. 
Through Neo-Cyon, the management of Gravity believes that it may gain 
additional momentum in its efforts to strengthen its global game publishing 
network.  Moreover, by pursuing game publishing in Russia, the management of 
Gravity expects to further exploit potential opportunities outside of Asia, 
where the competition for acquiring and retaining users of online games is 
intense, and geographically diversify its revenue source.  
Mr. Il Young Ryu, the Chief Executive Officer of Gravity, stated, “This 
transaction represents a step to implement Gravity’s strategy of strengthening 
global publishing capability.  In the online games market, where the first 
mover advantage is important, this transaction represents the first step for 
Gravity for establishing a stronger foothold during the initial stages of 
development of a potentially important market, such as Russia.”  Mr. Ryu 
added, “With Gravity’s current cash balances and close ties with various 
licensing partners, Gravity hopes to build a stronger global network for 
distribution of its online games.  Moreover, in order to meet the needs of the 
users of mobile multimedia contents, Gravity will seek to simultaneously 
introduce both online and mobile versions of games and thereby to strengthen 
its market position in not only the online games market but also the mobile 
games market.”  
About GRAVITY Co., Ltd. 
Founded in April 2000 during the early stages of the development of the online 
game industry in Korea, Gravity is an online game company, which is the only 
Korean company that has its shares listed solely on the Nasdaq. Gravity 
develops and distributes Ragnarok Online, a massively multiplayer online role 
playing game with the largest user base globally.  Gravity is in the process 
of developing games which will succeed Ragnarok Online, namely Ragnarok Online 
II and Requiem.  Also, Gravity is developing and distributing a wide range of 
casual games, including massively multiplayer online role playing games, using 
its global network built on the success of Ragnarok Online.   
About Ndoors Co., Ltd. 
Founded originally as Intizen Co., Ltd., an Internet community and portal 
site, the company’s trade name was changed to NDOORS in November 2004 to 
transform the company into a developer of online games and related service 
provider.  NDOORS has developed and currently provides the popular online game 
“Goonzu”, an RPG which focuses on themes based on politics and economics. 
NDOORS is currently developing “Goonzu Battle”, a battle RPG, “Time N Tales” a 
DRTRPG, “Kungpa”, a war action game, as well as educational casual RPGs, 
strategic simulation game and a sports game.  
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: +1-646-536-7006 

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: 11/15/2005 By: /s/John C. Chung

  Name:  John C. Chung
  Title: Investor Relations Officer