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Yahoo! Investests in Korean eCommerce
 

Sunnyvale, California - (Cheap Web Hosting Directory) - June 7, 2006 - Korean eCommerce marketplace provider, Gmarket Inc., has entered into an agreement for Yahoo! to acquire a stake of approximately 10 percent of its holdings from Oak Investment Partners.

Young Bae Ku, Chief Executive Officer of Gmarket commented, ''We believe that this strategic investment by Yahoo! is in line with and enhances our strategy to pursue growth opportunities abroad and also complements our continued strategy of providing to our users a comprehensive selling and convenient buying platform. In connection with Yahoo!'s investment, we have agreed with Yahoo! to seek ways to implement various strategic initiatives internationally and in Korea.''

A multi-stage venture capital firm with $8.4 billion in total assets under management, Oak is the only significant outside institutional investor in Gmarket.

Dan Rosensweig, Chief Operating Officer of Yahoo! Inc. added, ''Gmarket's strength in e-commerce complements the strong offerings we already provide in the Korean market across communications, content and search through Yahoo! Korea and Overture Korea. Additionally, we look forward to working with Gmarket to leverage their e-commerce expertise to further expand Yahoo!'s leading position in commerce in Asia.''

Nakyang Seong, Head of Yahoo! Korea noted, ''Upon completion of the investment, Yahoo! Korea and Gmarket will actively cooperate to pursue broader opportunities in the Korean market while respecting other partners.''

According to Gmarket Inc., it is an e-commerce provider in Korea, offering an ever-growing selection of products at competitive prices in a convenient buying environment. Sellers are provided a cost effective, end-to-end sales and marketing channel as the company facilitates the interaction among a growing number of buyers and sellers. Gmarket has received numerous awards for its e-commerce business model in Korea.

Yahoo! Inc. is a global Internet brand and one of the most trafficked Internet destinations worldwide. Yahoo! seeks to provide online products and services essential to users' lives, and offers a full range of tools and marketing solutions for businesses to connect with Internet users around the world. Yahoo! is headquartered in Sunnyvale, California.

Established in 1978, Oak Investment Partners is a venture capital firm with a strong investment record and a global presence. Oak's investment focus is on high growth opportunities in consumer internet, new media, semiconductors, communications, software and IT, financial services technology, healthcare services and retail. Oak's team concentrates on building long-term relationships with experienced management to develop successful companies that deliver consistent performance over time. Their portfolio includes Internet companies like Aquantive, Fastclick (acquired by ValueClick), IGE, Inktomi (acquired by Yahoo!), Oberon Media, and RazorGator; software and IT companies like Compaq, Parametric Technology Corporation, Seagate Technologies, Sybase, Synopsys and TeleAtlas; and communications companies such as 2Wire, Polycom, Telica (acquired by Lucent) and Wireless Facilities (WFII).

To learn more about Oak, please: www.oakvc.com.

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