Majesco Entertainment Acquires Video Game Rights For American Cinema Classic: 'Taxi Driver(tm)'

EDISON, N.J., May 11, 2005 - Commemorating the 30th anniversary of the historic motion picture, Majesco Entertainment Company (NASDAQ : COOL ) , an innovative provider of digital entertainment content and products, today announced the development of Taxi Driver ^TM, a video game based on the classic Martin Scorsese-directed film from Columbia Pictures. Through a licensing agreement with Sony Pictures Consumer Products (SPCP), Taxi Driver is currently being developed by Papaya Studio and is scheduled to ship in spring 2006.

"Nominated for four Academy Awards ^®, 'Taxi Driver' remains one of the most iconoclastic films of our time. Compelling and powerful, the movie ensnares viewers in the seedy urban world of New York cabbie Travis Bickle, and we hope to do likewise with our game," said Ken Gold, vice president of Marketing for Majesco. "We look forward to developing a game that remains true to the spirit and style of the movie, and embodies a total entertainment experience."

"We're excited to be working with Majesco on a game for Taxi Driver , " stated Mark Caplan, Executive Director, Interactive, Sony Pictures Consumer Products. "We're confident they, together with Papaya Studio, will create a game that successfully makes the transition from film to the video game world."

Written by Paul Schrader and released in 1976, "Taxi Driver" is a gritty, disturbing, film classic, featuring some of Hollywood's finest actors, including Robert DeNiro, Jodie Foster, Harvey Keitel, Cybill Shepherd and Peter Boyle, in a brutally compelling portrayal of alienation and psychoses.

Additional details and game play features for Taxi Driver will be released at a later date. More information about Majesco's entire product line can be found online at www.majescoentertainment.com.

About Majesco Entertainment Company

Headquartered in Edison, NJ, Majesco Entertainment Company (NASDAQ : COOL ) is an innovative provider of digital entertainment products and content. The Company's three product lines include Games, which includes highly anticipated titles such as Advent Rising and JAWS^TM Unleashed; Videos, which highlights the Company's platform-independent video compression technology; and Gadgets, which includes innovative digital entertainment products like Frogger^®TV Arcade. More information about the Company can be found online at www.majescoentertainment.com.

About Sony Pictures Consumer Products

Sony Pictures Consumer Products (SPCP), a Division of Columbia Tristar Consumer Marketing (CTCM), is based in Los Angeles and handles the merchandising and branding efforts for some of the most recognized properties in film and television.

Columbia Tristar Consumer Marketing is a division of Sony Pictures Entertainment (SPE). SPE is a division of Sony Corporation of America (SCA), a subsidiary of Tokyo-based Sony Corporation. SPE's global operations encompass motion picture production and distribution; television production and distribution; digital content creation and distribution; worldwide channel investments; home entertainment acquisition and distribution; operation of studio facilities; development of new entertainment products, services and technologies; and distribution of filmed entertainment in 67 countries. Sony Pictures Entertainment can be found on the World Wide Web at http://www.sonypictures.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; timely development and release of our products; the ability to secure licenses to valuable entertainment properties on favorable terms; continued consumer acceptance of the gaming platforms on which our products operate and our products; competitive factors in the businesses in which we compete; fulfillment of orders preliminarily made by customers; the ability to attract and retain key personnel; 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.

Taxi Driver^TM & ®1976, 2005 Columbia Pictures Industries, Inc. All Rights Reserved.