MAJESCO AQUIRES PUBLISHING RIGHTS TO DOUBLE FINE’S ‘PSYCHONAUTS’

Highly Acclaimed Video Game to Debut on Xbox and PC

EDISON, N.J., August 4, 2004 –Majesco (OTC BB: MJSH), a leading publisher and distributor of interactive entertainment products, today announced it has secured the worldwide publishing rights to Psychonauts, a sought-after new video game being developed by Double Fine Productions, Inc. Already heralded as one of the most original titles in development, Psychonauts will be available next year for the Xbox® video game system from Microsoft and the personal computer.

“A completely original experience that is sure to intrigue both the hardcore and casual gaming audience, Psychonauts exemplifies the types of games Majesco is seeking to publish,” said Jesse Sutton, Chief Executive Officer, Majesco. “Richly humorous and intricately delightful, Psychonauts is unlike any game to date and we are excited to be working with Double Fine to bring their unique vision to interactive reality.”

Tim Schafer, founder of Double Fine, added: “I'm really excited to be working with Majesco because I can tell they understand what Psychonauts is all about, and that they believe in

giving developers the creative freedom they need to fully realize their ideas. Together we are going to make what could conservatively be called the greatest game of all time ever, and I think that's awesome."

A deranged scientist is abducting students from the Psychonauts boot camp and a powerful new cadet named Raz stands alone against the lunatic. Raz must develop and unleash an arsenal of paranormal powers, including the ability to launch himself telepathically into someone else’s mind -- and take on their inner demons, nightmares and secret memories. Ultimately he must enter the mind of his worst enemy and destroy his dark plans at their source, while trying not to lose his sanity in the process.

Created by Tim Schafer, the visionary designer of award winning titles Grim Fandango and Full Throttle, Psychonauts thrusts players into a third-person psychic odyssey across thirteen incredibly unique levels: three set in the real world and 10 set inside the mental worlds of misfits, monsters and madmen. Once inside a mind, players can rise in rank by collecting figments of other people’s imaginations; sort through their emotional baggage; clear out their mental cobwebs and crack open their memory vaults. As their rank rises, players are endowed with new psychic powers such as telekinesis, invisibility, pyrokinesis, clairvoyance and confusion.

Featuring a humorous storyline filled with unforgettable characters and non-linear gameplay of incredible depth, Psychonauts offers players multiple paths throughout wildly imaginative settings. Along the way, players must conquer an array of challenging puzzles with alternate solutions that self-tailor themselves to the player’s own strengths and abilities.

About Double Fine Productions, Inc.

Double Fine Productions is a San Francisco-based game company founded in 2000 by Tim Schafer, creator of many award-winning games including Grim Fandango, Full Throttle, and Day of the Tentacle. He started the company with a selection of the Grim Fandango team, and added to it industry veterans from the development teams of Maximo, Diablo II, Jedi Knight and Starfighter. Thrown into the mix were animators from Phil Tippett Studios and Pixar, and artists from the worlds of both video games and fine art. Since then, Double Fine has grown into a talented 40-person team dedicated to making amazing games with an emphasis on excellent story, characters, art, technology, and fun.

About Majesco

Established in 1986 and headquartered in Edison, NJ, with offices in the United Kingdom, Majesco Holdings Inc., operating through its wholly owned subsidiary, Majesco Sales Inc., is a leading developer, publisher and distributor of interactive entertainment products for the Xbox® video game system from Microsoft, Sony PlayStation®2 computer entertainment system, and Nintendo GameCube™ and Game Boy® Advance systems, as well as the personal computer. The Company’s 2004 lineup includes BloodRayne 2, the sequel to its popular action/horror series, and the launch of its Game Boy® Advance Video product line, which utilizes the Company’s

proprietary video compression technology to enable consumers to view commercial-grade video on a standard Nintendo Game Boy Advance system. Advent Rising, the first in a trilogy of action/adventure games, will ship to stores in 2005. More information about our Company can be found online at www.majescogames.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; competitive factors in the businesses in which we compete; continued consumer acceptance of the gaming platforms on which our products operate and our products; 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.

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