EDISON, N.J., Sept. 17, 2009 – Majesco Entertainment Company (Nasdaq: COOL) (the “Company”), an innovative provider of video games for the mass market, announced today that it has entered into definitive agreements to raise approximately $9.63 million in gross proceeds, before deducting placement agent fees and other estimated offering expenses, in a registered direct offering with select institutional investors.

The offering includes the sale and issuance of 6.420 million shares of the Company’s common stock, at a purchase price of $1.50 per share. The shares were offered and sold pursuant to a prospectus supplement dated September 17, 2009 and an accompanying prospectus dated August 28, 2009, pursuant to the Company’s effective shelf registration statement previously filed with the Securities and Exchange Commission.

Roth Capital Partners served as the sole placement agent for the offering. Bond Lane Partners served as financial advisor. The sale is expected to close on or about September 22, 2009.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the final prospectus supplement together with the accompanying prospectus can be obtained at the SEC’s website at http://www.sec.gov or from Roth Capital Partners at 24 Corporate Plaza, New Port Beach California 92660., Attention: Equity Capital Markets

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 leading console and portable systems. Product highlights include Cooking Mama(TM) and Cake Mania(R)2 for Nintendo DS(TM), and Cooking Mama World Kitchen and Jillian Michaels’ Fitness Ultimatum 2009 for Wii(TM). 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.

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