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The statement read: 

Hello. This is Jellyfish Entertainment. 
This is Jellyfish's official statement regarding reports this afternoon on Park Hyo Shin. 
After creating a partnership back in 2008, Jellyfish and Park Hyo Shin have been able to endure many difficulties and have come this far. 
Jellyfish will remember the achievements obtained through helping Park Hyo Shin in his musical growth, and Park Hyo Shin is currently in the stages of beginning a 2nd phase in his career. 
As of now, Jellyfish and Park Hyo Shin have decided to work together for Park Hyo Shin's 7th album, which we began working on since before his single release "Wild Flower".
We plan on supporting Park Hyo Shin's upcoming 7th album activities in all facets, and cheer him on in all his endeavors. 
Please provide your love and attention. 

Park Hyo Shin has yet to confirm whether or not he has joined Glove Entertainment, but Jellyfish has now clarified that the singer will be continuing with his old label up until the release of his 7th album, which is coming very soon!