Gyu-Myeon Cho signed a contract to acquire 30.19% stake in Wizit Co. Ltd. (KOSE:A036090) from Geun-Cheol Lee for KRW 17 billion on April 5, 2013. Gyu-Myeon Cho will pay KRW 1.7 billion in cash, KRW 6.8 billion in marketable securities, and balance KRW 8.5 billion will be paid on completion which is 3 days before the extraordinary meeting of Wizit Co.

Ltd.'s shareholders. Gyu-Myeon Cho will acquire 10 million shares. 5 million shares of Wizit will be paid together with the payment of KRW 6.8 billion on April 25, 2013 and 5 million shares will be transferred after the remaining balance of KRW 8.5 billion is paid.

In case Gyu-Myeon Cho fails to pay the amount of KRW 6.8 billion as the deposit by April 25, 2013, the entire deposit will be paid to the Geun-Cheol Lee and the Gyu-Myeon Cho will not have any rights to object. The transaction is expected to close on May 21, 2013.