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RED 5 STUDIOS AND WEBZEN HAVE AGREED TO END THE DISPUTE

FOR IMMEDIATE RELEASE

– September 29 th, 2011– Red 5 Studios, Inc. (“Red 5”) announced that it has entered into a settlement agreement with Webzen, Inc. to resolve all the legal disputes between them, including withdrawal of all pending legal claims against the other.

Under this agreement, Webzen will receive compensation for the prior development fees paid to Red 5 and also will share in future revenue generated from Red 5’s game entitled Firefall for a certain period of time. Red 5 and its affiliated company received the global publishing rights under the settlement agreement. Webzen will no longer be involved in marketing and publishing Firefall in any territory as a result of this agreement.

Mark Kern, CEO of Red 5 Studios said, "Given the resolution of all disputes and conflicts between our two companies I would like to ask for our fans, especially Chinese and Korean gamers,’ continuous encouragement and support in Firefall and Red 5."

From now on, please contact Red 5 Studios and Red 5 Korea for more details regarding Firefall.

About Red 5 Studios

Red 5 Studios, Inc., an online game developer located in California, is founded by Mark Kern, former team lead for World of Warcraft. Red 5 is dedicated to bringing together millions of gamers across the world by creating immersive worlds, intriguing stories and compelling characters. Red 5 believes that online games and persistent worlds are the future of video games. Visit www.red5studios.co.kr for more information.

Contacts

Red 5 Korea - PR Manager

Jules Lee

jules@red5studios.com

010.9061.9704

02.6001.3235

For The Win! Public Relations, Inc.

Jon Ramsey

jramsey@ftwpublicrelations.com

206-851-4764?

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