MAJESCO TO DEVELOP PLAYSTATION®2 VERSION OF ANTICIPATED ‘PSYCHONAUTS’ GAME

EDISON, N.J., October 5th, 2004 - Majesco (OTC BB: MJSH), a provider of diversified applications and content for digital entertainment platforms , today announced it has added another offering for the PlayStation ^®2 computer entertainment system to complement its previously announced Xbox ^® and PC versions.

Highlighting the news is the first-time availability of a Psychonauts gameplay trailer that underscores the game's appealing themes, settings and humor, while introducing the main character, Raz. View this exclusive video simply by registering online at www.psychonauts.com.

"We felt it was important to allow PlayStation 2 owners to experience this unique third-person psychic odyssey," said Jesse Sutton, President, Majesco. "By launching all three versions simultaneously, we intend to create a more impactful launch event."

"We're totally excited to see Psychonauts reach an even broader audience by shipping on the PlayStation 2," says Tim Schafer, founder of Double Fine . "We've had fans contact us since the game was announced asking about a PlayStation 2 version and I'm happy to finally be able to say 'YES!'"

Adds Jonah Stich, managing partner of Budcat Creations, "Psychonauts is exactly the type of innovative project that we look for and we are excited to bring Double Fine's unique vision to the PlayStation 2."

Created by Double Fine Productions, Inc, an independent development studio founded 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 imaginative settings. Along the way, players must conquer an array of c hallenging puzzles with alternate solutions that self-tailor themselves to the player's own strengths and abilities.

With guidance from Double Fine, Majesco's PlayStation 2 version of Psychonauts is being handled by Budcat Creations, a highly successful developer of such best-selling PlayStation titles as Madden NFL ^TM 2003, Madden NFL ^TM 2004 and NASCAR Thunder ^TM 2004, to name a few.

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 Budcat Creations, LLC

Budcat Creations was founded in September 2000 with the goal of becoming a premier developer of entertainment software for the PC and console markets. From the company's studio in Las Vegas, Nevada, a team of seasoned gaming professionals is hard at work making this dream a reality. With a commitment to the latest technology, continuing innovation, and - above all - compelling and innovative gameplay, Budcat has delivered a series of highly reviewed, top-selling titles. More information about Budcat is available at www.budcat.com.

About Majesco

Majesco Holdings Inc. (OTC BB: MJSH) , operating through its wholly owned subsidiary, Majesco Sales Inc., is a provider of diversified applications and content for digital entertainment platforms. The Company's 2004 lineup includes BloodRayne 2, the sequel to its popular action/horror series, and 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, is expected to ship to stores in 2005. More information about our Company can be found online at www.majescogames.com.

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