(Seoul, 15 February 2008) - SK Telecom (NYSE:SKM) announced that the company has won the approval of the Chinese government to acquire Shenzhen E-eye High Tech Co. Ltd., a Global Positioning System (GPS) service company in China. SK Telecom China Holding Company will incorporate the newly acquired company as a subsidiary.

SK Telecom signed an agreement with E-eye High Tech on November 29, 2007 to purchase a 65.525% stake for USD 15.21 million (over RMB 114 million), endeavoring over the last few months to earn the Chinese government’s approval on the deal.

Ahead of upcoming international events like the 2008 Beijing Olympic Games and 2010 Guangzhou Asian Games, per-capita car ownership in China continues to rise. The telematics industry also is experiencing rapid growth thanks to a Chinese government policy that mandates GPS devices on every public and special-purpose vehicle. To tap this fast growing market opportunity, SK Telecom will leverage this acquisition to enhance its competitive position in the China market through sharing its advanced telematics technology with the company.

E-eye High Tech is a leading technology company offering an extensive range of GPS-related services, logistics and controlling software platforms, as well as developing and manufacturing GPS handsets. Through this acquisition, SK Telecom is now poised to operate more effectively in China by offering GPS platforms to large corporate transportation and logistics customers, distributing GPS handsets in stores across the nation and providing GPS services to individual customers.

"The acquisition of E-eye High Tech will pave the way for us to offer SK Telecom’s advanced Telematics technology and expertise to the China market. We will also continue to seek more diverse business opportunities centered on Internet, media and content, proactively responding to the fast-changing convergence environment," said Suk Hwan Lee, president of SK Telecom China Holding Company.