Majesco Launches Majesco Studios

Majesco Entertainment Company (NASDAQ: COOL), an innovative provider of video games for the mass market, announced today that it is establishing an internal development facility to be based in the Los Angeles area. The studio will add valuable technical and design skills to the company’s overall operation and specifically focus on products and properties that resonate with the casual gamer. The company also announced that it is appointing Bill Petro as its Vice President of Internal Development responsible for building and overseeing studio operations. The newly created position will report directly to Gui Karyo, Executive Vice President of Operations. "Creative and technical talent is at the heart of all great games and enduring intellectual properties. Majesco Studios provides a means for us to leverage our resources and add the best players to our team for both the projects that we develop internally and the majority for which we utilize third party development,” said Gui Karyo. "We are particularly pleased to have someone of Bill’s talent and experience in the lead role. Bill not only brings a fluency in developing and implementing successful creative processes, but he shares our vision for building a product line and intellectual property assets that emphasize fun, addictive game experiences.” Jesse Sutton, Majesco’s Interim CEO, added: "We’re excited about the opportunities that will result from this initiative and believe this move will allow us to build the same or better product as we do externally with similar or reduced costs. We also firmly believe that the creation and ownership of intellectual property increases long term shareholder value.” Added Petro: "Majesco is well positioned to succeed within the mass-market video game sector. I am excited to join such a dynamic organization and begin expanding its in-house capabilities.” With over 20 years in the video game industry, Mr. Petro has risen to leadership roles out of the ranks of technical programming. He previously served as Senior Vice President of Development for Sega of America where he oversaw the company’s entire development efforts throughout North America. Prior to that he was Vice President of Development at Atari where he managed a staff of 80 employees, and headed direction and development on award-winning brands such as Backyard Sports. He also held a variety of product development positions for well-known video game publishers, including Konami of America and Electronic Arts. For additional information about Majesco Entertainment Company, please visit www.majescoentertainment.com. About Majesco Entertainment Company Headquartered in Edison, NJ, with an international office based in Bristol, UK, Majesco Entertainment Company (NASDAQ: COOL) is an innovative provider of video games for the mass market, with a focus on publishing video games for leading portable systems and the Wii™ console. Product highlights include Nancy DrewTM Cooking Mama 2: Dinner with Friends and Zoo Hospital™ for the Nintendo DS™ and Cooking Mama: Cook Off for the Wii™ console. More information about Majesco can be found online at www.majescoentertainment.com. Safe Harbor Certain statements contained herein are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by reference to a future period(s) or by the use of forward-looking terminology, such as "may," "will," "intend," "should," "expect," "anticipate," "estimate" or "continue" or the negatives thereof or other comparable terminology. The Company's actual results could differ materially from those anticipated in such forward-looking statements due to a variety of factors. These factors include but are not limited to, the demand for our products; our ability to complete and release our products in a timely fashion; competitive factors in the businesses in which we compete; continued consumer acceptance of our products and the gaming platforms on which our products operate; fulfillment of orders preliminarily made by customers; adverse changes in the securities markets and the availability of and costs associated with sources of liquidity. The Company does not undertake, and specifically disclaims any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.