Joymax Acquires Game Developer IO Entertainment

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JOYMAX ACQUIRES GAME DEVELOPER, IO ENTERTAINMENT

The Popular Developers Of Action Hits Including Lost Saga And Survival Project Join The Joymax Family

Seoul, Korea, March 24, 2011 - Joymax, a leading online game developer and publisher, announced today the acquisition of popular game developer, IO Entertainment. The company has acquired 100% of the shares of the developer who is best known for popular online PC titles including Lost Saga and Survival Project. The acquisition follows the recent merger between WeMade and Joymax, as well as the key partnership with Korea's #1 First-Person Shooter game development studio, Dragonfly.

Founded in 2001 and specializing in the action genre of online games, IO Entertainment is best known as the developer of Lost Saga & Survival Project. IO Entertainment's Lost Saga launched in Korea in February 2009, and is currently played throughout North America and Taiwan. The game will be available in Indonesia, Thailand and European countries within the year, and its major launch in Japan is just around the corner.

Lost Saga has enjoyed great success in Korea this last year with a growth in sales and concurrent users of 200% and 150% respectively compared to the previous year, both breaking records every month.ÂÂ Moreover, with its serial global launches planned this year, Lost Saga is expected to bring an even bigger revenue share.

By acquiring IO Entertainment and its globally profitable and popular online game products, Joymax expects to see a significant growth in both its revenues and its game communities in 2011.

"We are very excited about the acquisition of IO Entertainment," said Joymax CEO, Nam Cheol Kim. "Joymax is blazing new trails, with the recent merger with WeMade Entertainment, the recent partnership with the world's top FPS developer, Dragonfly, and now the acquisition of one of the most talented action-game development studios, we have a very bright future ahead for our global company and our community of

players."

"Now that Joymax will assume all the business roles of our products including planning, management and marketing, we can now focus solely on developing the very best games we can make which will continue to

excite players worldwide," said IO Entertainment CEO, In Joong Kim.

Lost Saga and Survival Project, as well as upcoming IO Entertainment-developed titles, will join and help to further strengthen the already powerhouse combination of the WeMade MMORPG lineups and the Joymax first-person shooter portfolio which will all be serviced on the Joymax global service platform.

For more information about Joymax visit www.joymax.co.kr/eng//

Company logos can be found at: http://www.clevercomm.com/Joymax/

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About Joymax

Since its establishment in April, 1997, Joymax has been developing and publishing quality games for the emerging online game industry of the 21st century. Based in Seoul, Korea, the company has published

numerous titles for the PC market. With its first MMORPG, Silkroad Online, the game has grown to offer service in over 200 countries since its 2004 launch. Joymax is a proven global entertainment company, providing multimedia content for all. For more information, please visit http://www.joymax.co.kr/eng/

About IO Entertainment

IO Entertainment, which specializes in the development of online action games, was established in June, 2001 and is best known for the development of top action games, Survival Project & Lost Saga. IO

Entertainment's Survival Project is currently serviced in eight different countries, while its hugely popular and continually growing intense online fighting game, Lost Saga, which launched in 2009,

allows players to choose from a huge list of action heroes each with their own unique fighting style weapons, armor and skills.