Kim Tae Woo holds a press conference in regards to Gilgun and Megan Lee

Member ofg.o.dand CEO ofSoul Shop Entertainment,Kim Tae Woo, recently held a press conference in regards to the controversy with singerGilgunandMegan Lee.

On this day, Kim Tae Woo addressed his deepest apologies in front of the camera and press in attempts to put a halt to all the false rumors regarding the company, his family, and himself.

He said, "The reason I created Soul Shop Entertainment was I wanted to be happy while making music. I wanted to give a chance to those who dream of becoming a singer like me, so I made a bold decision. I thought that I was doing fairly well, but I feel regret that such controversy has happened.

"Through this incident, there were many rumors about my wife. [People would say] I chose my wife because of her conditions and my wife had forged her academic abilities, but all of those are false. I just want people to know that.

"I am deeply sorry. I was insufficient; things went awry despite my efforts and passion to do well. It's already been six months [since the controversy started] and the thing that hurts me the most is that my family members have gotten hurt."

In addition to relaying his message, Kim Tae Woo also revealed that the company will withdraw all charges against Megan Lee and officially terminate Gilgun's contract. Megan Lee's contract has already been officially terminated.

Lastly, the singer and CEO asked that the public refrain from spreading false rumors in regards to his family as well as the incident.

Meanwhile, Soul Shop Entertainment and Gilgun first showed signs of conflict back in November 2014 and the agency was also seen in a contract dispute with Megan Lee, who will be starring inNickelodeon's 'Make It Pop.'