Majesco Entertainment Company Announces Resignation of Chief Financial Officer

EDISON, N.J., July 30 /PRNewswire-FirstCall/ -- Majesco Entertainment Company (Nasdaq: COOL), an innovative publisher of video games for the mass market, today announced that John Gross is resigning as Executive Vice President, Chief Financial Officer to accept another position effective August 20, 2010. Michael Vesey, Majesco's Senior Vice President, Corporate Controller and Chief Accounting Officer will serve as Interim Chief Financial Officer upon Mr. Gross' departure.

Mr. Vesey joined Majesco in May 2006. Prior to that, he was Chief Financial Officer at Nuvim, Inc., a maker of dietary supplement beverages. Mr. Vesey's experience includes over twenty years of senior financial management positions in the software and wireless industries. He is a certified public accountant and holds a BBA from Pace University.

"John has provided strong financial leadership to the company for the last five years, effectively managing the balance sheet, reducing operating costs and helping guide us towards improved profitability," said Jesse Sutton, Majesco's Chief Executive Officer and a member of the Board of Directors. "He's done a great job representing the Company and we thank him for his service. Mike has worked closely with John and will have an easy transition to his role as Interim CFO," Sutton concluded.

"We have worked as a management team to put an operating plan in place to continue to improve the performance of the Company and grow profitability. I wish the Company and the management team all the best in the future," said Gross.

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™, TETRIS® Party Deluxe, Alvin and the Chipmunks: The Squeakquel and Jillian Michaels' Fitness Ultimatum.  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 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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