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Majesco Entertainment And Valve Announce Steam Digital Distribution Agreement

'BloodRayne 1 & 2' and 'Advent Rising' PC Games Available for Download Now, Critically Acclaimed Title 'Psychonauts' Coming Early October

EDISON, NJ, September 14, 2006 - Majesco Entertainment Company (NASDAQ: COOL), an innovative provider of digital entertainment products and content, and Valve®, creators of the Steam® broadband gaming platform, announced an agreement to deliver Majesco's PC games via Steam. Beginning today, BloodRayne 1 & 2 and Advent Rising are available for download, while the critically acclaimed title, Psychonauts, from Double Fine Productions, will be offered in early October.

Steam is the first full-featured broadband platform for the delivery and management of games and digital content, and has pioneered its broadband services to over 10 million customers.

"Steam's position as a leading digital download platform, particularly among enthusiast gamers, is unrivaled," said Daniel Hofbauer, business development director at Majesco. "We believe there is a great opportunity to extend the reach of our brands via digital distribution and are pleased to offer our titles to Steam's audience."

"With a growing number of active gamers connected to Steam, we are able to provide a much longer tail for games than traditionally provided" said Jason Holtman, director of business development at Valve. "As we work to expand the services and products offered via Steam, we continue to seek quality offerings such as the Majesco titles, which we added to the Steam library of games today."

BloodRayne 1 & 2 is an original action-horror franchise starring the super-sexy, super-lethal, supernatural heroine BloodRayne. Advent Rising is a sci-fi action game that thrusts players into an intergalactic tale punctuated by stunning visuals and a gripping storyline created in collaboration with award-winning novelist, Orson Scott Card. Psychonauts is a unique, third-person psychic odyssey from the mind of Tim Schafer that received numerous awards and accolades.

BloodRayne 2 and Advent Rising are available now via Steam for $19.99 while BloodRayne 1 is available for $9.99. Gamers who purchase any of the titles during the first two weeks of availability will receive a 10% discount. Psychonauts will be available early October.

For more information, or to download demos or video trailers of the titles, please visit www.steamgames.com.

About Steam

The leading online platform for PC games and digital entertainment, Steam delivers new releases and online services to over 10 million PC users around the world. For more information, please visit www.steamgames.com.

About Majesco Entertainment Company

Headquartered in Edison, NJ, Majesco Entertainment Company (NASDAQ: COOL) is an innovative provider of digital entertainment products and content, with a focus on publishing videogames for leading portable systems such as the PSP® (PlayStation®Portable) system, Nintendo DS and Game Boy® Advance. Current product line highlights include Cooking Mama for the Nintendo DS, Guilty Gear Judgment for the PSP® (PlayStation®Portable) system and JAWS Unleashed, as well as digital entertainment products like Frogger® TV Arcade. Majesco also offers Game Boy® Advance Video versions of the beloved DreamWorks Animation movies Shrek, Shrek 2 and Shark Tale. More information about Majesco can be found online at www.majescoentertainment.com.

About Valve

Valve is an entertainment software and technology company founded in 1996 and based in Bellevue, Washington. The company's portfolio of entertainment properties includes Half-Life®, Counter-Strike, Day of Defeat®, Team Fortress® and Portal. Valve's catalog of products accounts for over 20 million retail units sold worldwide, and over 80% of PC online action gameplay. In addition, Valve is a developer of leading-edge technologies, such as the Source game engine and Steam, a broadband platform for the delivery and management of digital content. For more information, please visit www.valvesoftware.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.

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