CDNetworks Announces 15 Billion Korean Won Share Repurchase Program

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CDNetworks 15 billion Korean won share repurchase program from September 28, 2008 to October 27, 2008.

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Following our strategic funding in December 2007 of 90 billion Korean won, from world class investors, we reiterate our confidence and optimism in the long-term opportunity for the company and our focused strategy of returning capital to shareholders

CDNetworks (KOSDAQ: 073710), a top three global, full-service content delivery network (CDN), announced today that its board of directors has authorized a share repurchase program for up to 15 billion Korean won (approximately $US 16 million). The program will begin today and end on October 27, 2008. The board of directors stated that its repurchase program was based on its renewed focus to maximizing shareholder value.

"Following our strategic funding in December 2007 of 90 billion Korean won, from world class investors, we reiterate our confidence and optimism in the long-term opportunity for the company and our focused strategy of returning capital to shareholders," said Samuel Ko, Founder and CEO of CDNetworks. "Moreover, we reaffirm our goal to aggressively grow our global business in 2008, and are targeting expansion of our customer base into government, financial, and enterprise markets, all with return on invested capital in mind."

CDNetworks, a top three global, full-service content delivery network (CDN) service provider and the #1 CDN in Asia, delivers fast, reliable, and cost-effective solutions to transport large digital media files over the Internet. CDNetworks delivers content for world-leading online gaming publishers, broadcasters, social networking websites, and e-Learning providers. CDNetworks was founded in 2000 in Seoul, Korea and is publicly traded on Korea's KOSDAQ exchange.    For more information please visit: http://www.cdnetworks.com.

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Frances Mann-Craik

Min-Young Kim
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