GRAVITY Co., Ltd.

Gravity's Ragnarok Online Expands into South America

SEOUL, South Korea, October 4, 2005 - Gravity Co., Ltd. (Nasdaq: GRVY), an
online game developer and distributor, today announced that its principal game
title, Ragnarok Online, has entered into a licensing agreement with its Chilean
partner, Gamerpro S.A., with a view to offering the Spanish version of Ragnarok
Online in over 20 countries in South America and Spain.

Mr. Ryu Il Young, CEO of Gravity, commented, “Gravity continues to expand the
reach of Ragnarok Online. As we continue to broaden our business scope through
our global network, we believe that our model of using capable local partners
in localizing and supporting our titles enables us to provide the most engaging
and entertaining gaming experience to gamers worldwide.”

Gamerpro is a game publisher based in Chile, which distributes Trading Card
Games(TCG), including Pocket Monster, Magic the Gathering and Dungeons &
Dragons, throughout South America.

About GRAVITY Co., Ltd.

Based in Korea, Gravity is a developer and distributor of online games. The
Company's principal product, Ragnarok Online, is a popular online game in many
markets, including Japan, Taiwan and Thailand, and is currently commercially
offered in 20 markets. For more information visit www.gravity.co.kr.

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
Forward-looking statements generally can be identified by the use of forward-
looking terminology, such
as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “belie
ve,” “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.

# # #

CONTACTS For GRAVITY:

In Korea:
John C. Chung
GRAVITY Co. Ltd.
Tel: 82-2-3485-1002
chchung@gravity.co.kr

In the U.S.:
David Pasquale, EVP
The Ruth Group
Tel: +646-536-7006
dpasquale@theruthgroup.com

SIGNATURES

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: 10/04/2005	By:	/s/John C. Chung
	Name:	John C. Chung
	Title:	Investor Relations Officer

GRAVITY Co., Ltd. ———————————————————————————————————
(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