SOURCE: Gmarket

April 02, 2007 07:35 ET

Gmarket Announces Results of 2006 Annual General Meeting of Shareholders

SEOUL, SOUTH KOREA -- (MARKET WIRE) -- April 2, 2007 -- Gmarket Inc. (NASDAQ: GMKT) ("Gmarket") announced today results of the Company's 2006 Annual General Meeting of Shareholders ("AGM") held on March 29, 2007.

At the AGM, the Company's shareholders resolved to approve the financial statements for the year ended December 31, 2006, which were prepared in accordance with accounting principles generally accepted in Korea, re-appoint Young Bae Ku, Gmarket's Chief Executive Officer and Representative Director, as a director of the Board of Directors of the Company for another 3 year term, and approve the issuance of 500,000 stock options, in aggregate, of which 430,000 were immediately granted to the Company's employees.

At a meeting of the Board of Directors held immediately after the AGM, the Company's Board of Directors resolved to re-elect Young Bae Ku as the Representative Director of the Company.

In addition, Gmarket submitted its Balance Sheets (as of December 31, 2005 and 2006), Statements of Operations, Statements of Appropriation of Retained Earnings and Statements of Cash Flows (for the years ended December 31, 2005 and 2006), which were prepared in accordance with accounting principles generally accepted in Korea, to the Financial Supervisory Service on March 30, 2007.

The Company expects it will furnish a report on Form 6-K which will include an English version of the Company's financial statements and summary footnotes prepared in accordance with accounting principles generally accepted in Korea, on or before April 12, 2007.

About Gmarket

Gmarket Inc. is a leading retail e-commerce marketplace in Korea, offering buyers a wide selection of products at competitive prices and sellers a comprehensive and flexible sales solution. Gmarket's e-commerce marketplace is highly scalable and facilitates the sale of products in small or large quantities to a large number of potential buyers in a convenient, cost effective and secure manner. Gmarket's e-commerce marketplace is located at www.gmarket.co.kr.

Safe Harbor Under the Private Securities Litigation Reform Act of 1995

Certain statements in this filing on Form 6-K may include, in addition to historical information, "forward-looking statements" within the meaning of the "safe-harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," or "continue" or the negative thereof or other similar words, although not all forward-looking statements will contain these words. These forward-looking statements are based on the Company's current assumptions, expectations and projections about future events. All forward-looking statements involve risks and uncertainties that may cause the Company's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements, including, but not limited to, the Company's ability to diversify revenues; the Company's ability to compete effectively in a highly competitive industry; the Company's ability to anticipate and access technological developments in the Company's industry; the Company's ability to recruit and retain quality employees as the Company grows; the Company's ability to implement the Company's growth strategies; and economic and political conditions in and outside of Korea. Investors should consider the information contained in the Company's submissions and filings with the SEC, including the Company's registration statement on Form F-1, as amended, together with such other documents as the Company may submit to or file with the SEC from time to time, including on Form 6-K. The forward-looking statements speak only as of this filing on Form 6-K and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.

Contact Information

  • Contacts:
    Paul J. Lee
    Gmarket Inc.
    +82-2-3016-4372
    Email Contact

    In the U.S.
    David Pasquale
    The Ruth Group
    +1-646-536-7006
    Email Contact