Lee Joo-hwan, CEO of Com2uS, "Will Announce Shareholder Return Policy"...Apologizes to Shareholders

Lee Joo-hwan, CEO of Com2uS

Lee Joo-hwan, CEO of Com2uS, expressed his commitment to maximizing shareholder value.

In a shareholder notice posted on Com2uS's website on the 12th, CEO Lee stated, "Considering Com2uS's asset value and future growth potential, I believe the current stock price is undervalued," and apologized sincerely for "the current stock price situation not meeting shareholders' expectations." He added, "Com2uS will further strengthen its global competitiveness in its core business of gaming and continue to pursue new challenges."

CEO Lee mentioned plans to release new games targeting the global market. Starting with the global service launch of 'Summoners War: Chronicle,' Com2uS's hit from the feature phone era, 'Mini Game Heaven,' will be reborn as a Web 3.0 game. 'Fishing God: Crew,' developed using the 'Fishing God' IP, will be combined with blockchain technology. The new MMORPG 'Zenonia' is preparing for pre-registration. He expressed confidence that this year’s gaming business will achieve record-high performance through the sustained growth of existing hits, the global success of Chronicle, and a diverse lineup of new titles.

He also added expectations for profit improvement in the K-content business. Com2uS aims to establish itself as one of the top three media production companies in Korea by producing about 30 pieces of content this year through its media content subsidiaries Wysiwyg Studios, NP, and RaemongRaein, as well as AtoZ Entertainment, MAA, and Goldframe.

CEO Lee said, "Since we have been seeing results from content investments in just over a year, we expect to reap the fruits of full-scale business expansion in terms of profits starting this year."

The metaverse platform Com2verse will also begin commercial service from the second quarter of this year. Starting with offices, the services will gradually expand to conventions, land sales, and more.

Com2uS plans to listen to shareholder opinions and review various medium- to long-term shareholder return policies, including treasury stock cancellation. Specific details will be disclosed during the first-quarter earnings announcement. A separate IR meeting will also be arranged to communicate with individual shareholders.

The Com2uS shareholder coalition, 'Com2uS Shareholders Action Group,' sent an open shareholder letter to Com2uS on the 3rd. It is reported that within two weeks of its establishment, the group secured 190 individual shareholders, accounting for a 3% stake. The open shareholder letter included questions about ▲the reasons for failure in Com2uS's management strategy and corporate value enhancement ▲the criteria for paying Chairman Song Byung-jun and CEO Song Jae-joon salaries of 2.7 billion KRW and 1.44 billion KRW respectively ▲and the reasons for the loss of the monitoring function of the current outside director system.

This content was produced with the assistance of AI translation services.