GAMEVIL to Invest $10M Amidst Gaming Frenzy

GAMEVIL, the mobile game publisher and developer, will invest $10 million creating a number of partnerships with external developers in coming months, the company announced. The decision comes as online gaming has increasingly become popular with gamers and VCs alike, with companies including Digital Chocolate and Zynga raising capital.

PRESS RELEASE:

GAMEVIL Partner Fund to invest $10M USD in Developers

LOS ANGELES, CA — June 29th, 2011 — GAMEVIL, a leading mobile game publisher and developer, announced it will invest $10 million in creating various forms of partnerships with external developers as it looks to strengthen its global reach and lineup of quality smartphone game titles. The internally-sourced fund marks the company’s strong commitment to a vision of rewarding growth and meaningful external partnerships.

As part of the initiative, GAMEVIL has recently acquired exclusive publishing and partial intellectual property rights of the ‘Cartoon Wars’ series, including titles such as Cartoon Wars, Cartoon Wars Gunner and Cartoon Wars 2 which have garnered a significant global fan base over time.

Since the end of last year, GAMEVIL has already partnered with more than 10 different external developers and games in varying forms of investments and global publishing agreements. The expanded library of successful titles from all genres and platforms include games like Air Penguin, Chalk n’ Talk, Colosseum, KAMI RETRO, TouchMix, and Train City. Of note, Air Penguin has become a hit title reaching the number one spot on Apple’s App Store at its peak.

GAMEVIL has also announced that its social game platform, GAMEVIL Live, will be revamped and rolled out onto published titles in the coming months and begin to tap into a greater audience. The service will leverage a sizable number of users worldwide including fans of in-house hit games such as the ZENONIA and Baseball Superstars series.

“As the market expands with smartphones at its center, partnering with promising and exceptional external developers has become more important,” said Yong Kuk Lee, Chief Financial Officer of GAMEVIL. “By working together with these creative developers and combining GAMEVIL’s understanding of the global smartphone game market, we will carve out success and growth for everyone involved.”

For more details, please visit www.gamevil.com.

About GAMEVIL
GAMEVIL(R) is a premier mobile game publisher located in Seoul, Korea and Los Angeles, USA. Established in 2000, GAMEVIL has earned a reputation as one of the best companies in the mobile games sector by crafting award winners in a diverse portfolio of games. GAMEVIL is well known for revolutionizing the sector with its original and innovative mobile games, backed by unparalleled expertise in advanced mobile technology. As a world class leader in mobile games publishing, GAMEVIL continues to lead the sector with a commitment to establish mobile as the definitive mass market entertainment platform of the world. GAMEVIL is currently listed on the KOSDAQ Market (Ticker: 063080, Bloomberg: 063080:KS, Reuters: 063080.KQ)

GAMEVIL(R), ZENONIA(R) and Baseball Superstars(R) are registered trademarks of GAMEVIL Inc. in the U.S. and/or other countries.
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