Majesco Entertainment Company Announces Additional Grace Period for Listing on Nasdaq

EDISON, N.J., Sept. 1 /PRNewswire/ -- Majesco Entertainment Company (Nasdaq: COOL), an innovative provider of video games for the mass market, today announced that on August 31, 2010, it received a notification from the Nasdaq Stock Market indicating that the Company will have an additional 180-day grace period, until February 28, 2011, to regain compliance with Nasdaq's $1.00 minimum bid requirement. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A)(ii), the Company is eligible for the additional grace period because it meets the initial listing requirements for the Nasdaq Capital Market except for the bid price. The Company's common stock will continue to trade on the Nasdaq Capital Market during the 180-day period.

The Company can regain compliance by maintaining a minimum closing bid price of $1.00 per share for 10 consecutive business days. If the Company does not meet the minimum bid requirement during the 180-day grace period, Nasdaq will provide written notification to the Company that its common stock will be subject to delisting. At that time, the Company can ask Nasdaq for a hearing to present a plan to regain compliance.

About Majesco Entertainment Company

Majesco Entertainment Company is a provider of video games for the mass market. Building on more than 20 years of operating history, the company is focused on developing and publishing a wide range of casual and family oriented video games on Wii™, Nintendo DS™ and other leading systems.  Product highlights include Cooking Mama™, Baby Sitting Mama™, TETRIS® Party Deluxe, Alvin and the Chipmunks: The Squeakquel, Jillian Michaels' Fitness Ultimatum and Zumba Fitness®. The company's shares are traded on the Nasdaq Stock Market under the symbol: COOL.  Majesco is headquartered in Edison, NJ and has an international office in Bristol, UK. More information about Majesco can be found online at www.majescoentertainment.com. @Majesco is on twitter or at www.twitter.com/majesco.

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.

SOURCE Majesco Entertainment Company

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