A New Technology Startup Accelerator Launches to Further
     Develop One of the World's Leading Innovation Nations by
             Energizing Its Entrepreneurial Ecosystem

SEOUL, South Korea, July 31, 2012 (GLOBE NEWSWIRE) -- SparkLabs
(www.sparklabs.co.kr), a new startup accelerator in Korea, is seeking
to fill the critical gap for Korea's entrepreneurs who seek
connectivity, knowledge and mentorship as they work to expand into the
U.S. and other locations across the globe.

"Korea has been a powerhouse of innovation in high technology.
SparkLabs opens the door to new entrepreneurs to amplify and ignite
their new ideas into new and growing businesses," said Vint Cerf, Vice
President & Chief Internet Evangelist for Google.

Founded by serial entrepreneurs, Hanjoo Lee (co-founder of Hostway),
James Kim (former executive at Nexon), and Bernard Moon (co-founder of
Vidquik), who have started technology companies in the U.S. and Korea,
gone public, raised venture capital and bootstrapped their startups.

"We are excited about the launch of SparkLabs because of the developing
startup ecosystem in Korea and the opportunity to add to it our network
and resources. We believe the timing is ideal to contribute to an
incredibly strong innovation culture that has produced the first online
gaming company in the world, created the first online virtual economies
and online collective intelligence & search as examples," said Bernard
Moon.

SparkLabs will provide a similar model to Y-Combinator and TechStars
while focusing on Korean startups in the Internet, online gaming,
mobile, and digital media sectors. The program will be three months
long and provide free office space, seminars, numerous perks and access
to a top-tier network of mentors from the U.S. and across Asia.

"We're excited to have an incredible group of advisors and mentors from
Mark Cuban, owner of the Dallas Mavericks, to Vint Cerf, a 'Father of
the Internet,' to Charles and Kai Huang, the founders of Guitar Hero,
who will be helping SparkLabs and our participating companies," said
Hanjoo Lee. The full list of mentors can be seen at
www.sparklabs.co.kr/en/mentors

SparkLabs is a member of the Global Accelerator Network and its first
presence in Korea. The Global Accelerator Network consists of
independently owned and operated startup accelerator programs in dozens
of cities across the U.S. and around the world. Currently, the Network
has most of the top accelerators in the world including TechStars (its
charter member), Excelerate Labs, and Springboard.

The application process for SparkLabs' first class will open on August
30, 2012. For more information, please visit www.sparklabs.co.kr

About SparkLabs

SparkLabs is a startup accelerator founded by entrepreneurs for
entrepreneurs in South Korea. The focus will be on startup companies
from the Internet, online gaming, mobile, and digital media sectors.
The mentorship-driven program will be three months in length and
provides funding, office space, seminars and access to a top-tier
network of mentors. SparkLabs seeks to contribute to and help develop
South Korea's startup ecosystem.

The SparkLabs logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=13831






CONTACT: Bernard Moon
         +1-650-454-5244 or bernard.moon@sparklabs.co.kr