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Majesco's Popular 'BloodRayne' Series Makes Handheld Debut On Sony PSP™ Handheld Entertainment System

Deliciously Wicked Dhampir Returns for New Installment

EDISON, N.J., March 31st, 2005 - Gamers will finally get their hands on gaming's hottest leading lady, as Majesco (NASDAQ: MJES), an innovative provider of diversified products and content for digital entertainment platforms , today announced that its popular BloodRayne action/horror series is in development for the PSP TM handheld entertainment system. BloodRayne PSP is being developed by Full Fat and will make its handheld debut this fall.

"BloodRayne has built a loyal following of fans and established herself as one of interactive entertainment's most popular action heroines," said Ken Gold, Vice President of Marketing for Majesco. "We're thrilled to see our franchise expand into the handheld arena and believe its fast-paced acrobatic combat will make BloodRayne PSP a must-have game for PSP owners."

Born from the unnatural union of vampire and human, BloodRayne is blessed with the powers of a vampire but cursed with the unquenchable thirst for blood and a weakness to sunlight. BloodRayne PSP will explore BloodRayne's own purpose and history, explaining and resurrecting 'dead' characters from previous games while developing new characters specifically for the PSP.

Additionally, BloodRayne PSP features two-player, co-op wireless multiplayer with a playable second character. Players engage in extremely brutal combat with a unique "kill system" based on racking up high scores by linking chains and combos, and gaining valuable bonus multipliers. The "kill system" also allows players to develop their character by unlocking devastating new moves.

BloodRayne PSP will be unveiled during the Electronic Entertainment Expo (E3) being held May 18-20 in the Los Angeles Convention Center, booth 846 in the South Hall, in Los Angeles, CA.

About Full Fat

Established in 1996, Full Fat is a fast-growing, experienced, and well-respected independent video game developer. Based in Coventry, U.K., the company has developed over 50 titles and has built an impressively strong track record. Previously known for its work on high-profile licensed handheld products, today Full Fat develops its own proprietary multi-format technology for all major game platforms and aims to develop its own innovative and original IP.

About Majesco

Headquartered in Edison, NJ, Majesco Holdings Inc . ( NASDAQ : MJES ) is an innovative provider of diversified products and content for digital entertainment platforms. The Company's three main product lines include Games, which includes highly anticipated titles such as Advent Rising and Psychonauts; Videos, which highlights the Company's platform-independent video compression technology; and Gadgets, which includes innovative digital entertainment products like FroggerTV Arcade. More information about the Company can be found online at www.majescogames.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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