Majesco Entertainment Company Announces Establishment of Venture for Online Casino Gaming and Social Casino Gaming

Majesco Entertainment Company Announces Establishment of Venture for Online 
Casino Gaming and Social Casino Gaming 
Venture to Acquire Operations of Orid Media LTD and Pariplay LTD;
Completes Registered Direct Offering of $2.0 Million 
EDISON, NJ -- (Marketwired) -- 08/06/13 --  Majesco Entertainment
Company (NASDAQ: COOL), an innovative provider of video games for the
mass market, has entered into an agreement to establish GMS
Entertainment Limited for the purpose of pursuing an online casino
games strategy. As part of the transaction, Majesco will invest a
total of $3.5 to $4.5 million, depending on GMS' future financial
performance, to acquire a 50% interest in GMS. Jesse Sutton, CEO of
Majesco Entertainment, will serve as the Chairman of GMS
GMS Entertainment has agreed to acquire the operations and certain
assets and liabilities of Orid Media Limited and Pariplay Limited,
subject to obtaining certain regulatory approvals. Orid Media designs
and develops both fixed odd and random based online and mobile games
for use in real money online games, social casinos and lottery
systems. Pariplay is a licensed online gambling operator
headquartered in the Isle of Man, operating online gaming sites on an
owned and white label basis. The founder of Orid and Pariplay will
maintain a 50% interest in GMS. 
The Company also completed a registered direct offering selling 3.3
million shares of common stock to a new investor, Yair Goldfinger, at
a price of $0.60 per share. Yair Goldfinger, an angel investor in
Orid and Pariplay, is currently Co-Founder and CEO at AppCard.  
Previously, Mr. Goldfinger co-founded ICQ, the world's first
internet-wide instant messaging service, which was acquired by AOL in
1998. In 2001 Goldfinger co-founded Dotomi, a personalized display
media technology company, which was acquired by ValueClick in 2011.  
"I am incredibly excited about this opportunity in the fast growing
online gaming market and partnering with these talented individuals,"
said Jesse Sutton, CEO of Majesco Entertainment. "During this
transition year in console gaming, we have been actively exploring
emerging growth opportunities in the social and online casino gaming
industry to supplement our existing business. Entering the market
through this partnership allows us to participate in a rapidly
growing market segment and position the company for longer term
growth as more jurisdictions move to legalize real money online
gaming. The complementary skills and abilities of all involved are
expected to result in a successful venture." 
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 all leading console and handheld platforms as well as
mobile devices. Product highlights include Zumba(R) Fitness and
Cooking Mama(TM). Majesco is headquartered in Edison, NJ and the
company's shares are traded on the Nasdaq Stock Market under the
symbol: COOL. More info can be found online at or on
Twitter at 
Safe Harbor
 Some statements set forth in this release, including the
estimates under the headings "Fiscal 2013 Outlook" contain
forward-looking statements that are subject to change. Examples of
forward-looking statements include statements relating to industry
prospects, our future economic performance including anticipated
revenues and expenditures, results of operations or financial
position, and other financial items, our business plans and
objectives, including our intended product releases, and may include
certain assumptions that underlie forward-looking statements.
Statements including words such as "anticipate," "believe,"
"estimate" or "expect" and statements in the future tense are
forward-looking statements. These statements are .subject to business
and economic risk and reflect management's current expectations, and
involve subjects that are inherently uncertain and difficult to
predict. Some of the risks and uncertainties which could cause our
results to differ materially from our expectations include the
following: consumer demand for our products, the availability of an
adequate supply of current-generation and next-generation gaming
hardware; our ability to predict consumer preferences among competing
hardware platforms; consumer spending trends; the seasonal and
cyclical nature of the interactive game segment; timely development
and release of our products; competition in the interactive
entertainment industry; developments in the law regarding protection
of our products; our ability to secure licenses to valuable
entertainment properties on favorable terms; our ability to manage
expenses; our ability to attract and retain key personnel; adoption
of new accounting regulations and standards; adverse changes in the
securities markets; our ability to comply with continued listing
requirements of the Nasdaq stock exchange; the availability of and
costs associated with sources of liquidity; and other factors
described in our filings with the SEC, including our Annual Report on
Form 10-K for the year ended October 31, 2012 and our Quarterly
Report on Form 10-Q for the quarter ended January 31, 2013. 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. 
For additional information, please contact: 
Company Contact:
Michael Vesey
Chief Financial Officer
Investor Relations Contact:
Stephanie Prince
Jody Burfening
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