SOURCE: Gmarket Inc.

February 22, 2007 07:48 ET

Gmarket Inc. Issues Statement

SEOUL, SOUTH KOREA -- (MARKET WIRE) -- February 22, 2007 -- Gmarket Inc. (NASDAQ: GMKT) ("Gmarket") announced today that as a result of a claim raised by one of Gmarket's competitors, the Korean Fair Trade Commission ("KFTC") requested certain documents from Gmarket to ascertain whether the allegations of anticompetitive behavior have any merit. As a result of such request, Gmarket commenced an internal inquiry regarding the allegations, and Gmarket provided all of the requested materials to the KFTC. Gmarket intends to continue fully cooperating with the KFTC to ensure a timely and comprehensive resolution to this investigation.

Gmarket is fully committed to supporting a fair marketplace and competitive environment. The Company believes it continues to expand its leadership position based on its innovative model, broad and dynamically changing merchandise selection, and its ability to provide customers a satisfying shopping experience. The Company believes the Korean e-commerce industry will encourage and remain large enough to support multiple companies. As such, Gmarket has always and will continue to encourage fair competition based on its established business model and ability to provide customers with an innovative and cost effective online shopping experience.

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.

Forward-Looking Statements

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 our current assumptions, expectations and projections about future events. All forward-looking statements involve risks and uncertainties that may cause our 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, our ability to diversify revenue; our ability to compete effectively in a highly competitive industry; our ability to anticipate and access technological developments in our industry; our ability to recruit and retain quality employees as we grow; our ability to implement our growth strategies; and economic and political conditions in and outside of Korea. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the "SEC"), including our registration statement on Form F-1, as amended, together with such other documents as we 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 we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

Contact Information

  • Contacts:

    Paul J. Lee
    General Counsel and Vice President
    Gmarket Inc.
    +82-2-3016-4372
    Email Contact

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