September 29th, 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.”