C Y Foundation Acquires Exclusive Game Licensing Rights of Rohan
A Top Ranking MMORPG Game in Korea’s Market
[31 December 2008 – Hong Kong] C Y Foundation Group Limited (SEHK: 1182; “C Y Foundation” or the “Group”) announced on 18December 2008, the Group had entered an exclusive license and distribution agreement with YNK Korea Inc. (“YNK Korea”), a leading game developer listed on Korea Exchange, to acquire exclusive rights to distribute and market Rohan, an online role-playing game. Rohan is a massive multiplayer online game (“MMORPG”) and has been ranked one of Korea’s top 10 multiplayer online games for the past three years.
Total consideration, amounting to US$9,000,000 (HK$ 70,200,000) which covers a three-year term, will be settled in a combination of cash and shares, all financed by the internal resources of the Group. The acquisition of Rohan brings a strong MMORPG anchor game to C Y Foundation’s digital entertainment platform in China.
Commenting on the agreement, Mr. Theodore Cheng, Chairman of C Y Foundation, said, “Our cooperation with YNK Korea marks a major milestone in the development of our digital entertainment market. This online entertainment market in China is estimated to have more than 45 million players and is growing at over 35 percent annually. The addition of the reputable Rohan enables us to offer a greater selection of games on our platform which, in turn, attracts more players.
“The continuing development in the digital entertainment industry has included the hosting of the 2008 International E-sports Festival (“IEF”) earlier this month in Wuhan, China. The IEF featured a world-class e-sports tournament and was a resounding success with visitors of more than 150,000 and television coverage that reached an estimated five million audiences. This has put us in a strong position to capture emerging opportunities in China’s digital entertainment market,” Mr. Cheng added.
About C Y Foundation Group Limited
C Y Foundation is an interactive digital entertainment company that provides quality entertainment across China. It is also the only company dedicated to organising and running P2P tournaments for prizes throughout the mainland. The C Y Foundation is also set to provide a network of "green" Internet cafés in China as well as a national electronic tournament platform to tap opportunities in the online e-sport tournament market.
About YNK Korea Inc
YNK Korea Inc, is a listed company in Korea, which is principally engaged in the online game business.
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