MAJESCO SHIFTS RELEASE OF ‘ADVENT RISING’
Eagerly Awaited Sci-Fi Adventure Scheduled for
First Quarter of Next Year;
Company Reiterates 2004 Fiscal Year Guidance

EDISON, NJ, July 16, 2004 – Majesco Holdings Inc. (OTC BB: MJSH), a leading publisher and distributor of interactive entertainment products, today announced it has shifted the release date of their highly anticipated sci-fi video game, Advent Rising, to the first calendar quarter of 2005.

Majesco also announced that due to the strong retail performance of its Game Boy ® Advance and Game Boy ® Advance Video lineup; the upcoming release of its TV Arcade products and holiday line-up, including the action/horror sequel, BloodRayne 2, the Company remains confident in its previously announced guidance of net revenues in the range of $100 to $110 million, and operating income between $12 to $15 million for its 2004 fiscal year.

“We are taking advantage of our strong fourth quarter line-up to allow Advent to fully realize all aspects of its franchise potential,” said Jesse Sutton, Chief Executive Officer of Majesco. “This change in strategy also enables us to free the game from what we expect to be an overcrowded holiday season so that we can maximize the impact of our marketing campaign.”

One of the most popular titles emerging from the industry’s annual Electronic Entertainment Expo, Advent Rising is the first in an epic trilogy of sci-fi action games for the Xbox ® video game system from Microsoft and PC. Working with award-winning science fiction author Orson Scott Card, developer GlyphX Games has created a gripping adventure that thrusts gamers into a continuously evolving series of sequences and events that unfold in an incredible intergalactic saga. In Advent Rising, players make decisions that effect not only what they experience in the first game, but the entire Advent trilogy.

Additional information about Advent Rising and the critically acclaimed “making the game” documentary is located at www.adventtrilogy.com.

About Majesco
Established in 1986 and headquartered in Edison, NJ, with offices in the United Kingdom, Majesco Holdings Inc., operating through its wholly owned subsidiary, Majesco Sales Inc., is a leading developer, publisher and distributor of interactive entertainment products for the Xbox ® video game system from Microsoft, Sony PlayStation ®2 computer entertainment system, and Nintendo GameCube ™ and Game Boy ® Advance systems, as well as the personal computer. The Company’s 2004 lineup includes BloodRayne 2, the sequel to its popular action/horror series, and the launch of 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, will ship to stores in 2005. More information about our 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; competitive factors in the businesses in which we compete; continued consumer acceptance of the gaming platforms on which our products operate and our products; fulfillment of orders preliminarily made by customers; 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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MAJESCO INTRODUCES ‘ADVENT RISING’
THE FIRST IN AN EPIC SCI-FI TRILOGY OF GAMES FOR XBOX ™ AND PC
Award-Winning Novelist Orson Card Scott Collaborates on Back-Story
For New Series of Video Games and Novels

EDISON, NJ, April 28, 2003 –Strengthening its position as one of the industry’s fastest-growing publishers, Majesco, today announced Advent Rising,the first in a trilogy of games for the Xbox ® video game system from Microsoft and personal computer. Featuring an unprecedented collaboration between interactive entertainment and science fiction writing, famed novelist, Orson Scott Card, embellishes on the gripping storyline behind Advent Rising, and will author a novel based on the game. Both are scheduled for release in the first quarter of 2004.

“While technological advances continue to open doors for exciting new gaming experiences, storyline remains the one element most critical in allowing the gamer to feel like an essential part of the game’s outcome,” said Ken Gold, Vice President of Marketing for Majesco. “The tremendous literary vision of Orson Scott Card coupled with GlyphX Games’ masterful approach to graphics and game play mechanics, ensure that Advent Rising will captivate the mind and emotions of the player, while pushing the bounderies of gaming to a unprecedented new level.”

“What I found most interesting about collaborating with Majesco and GlyphX on the Advent Rising project was their sincere desire to create a game in which the story served as the springboard for all the other elements,” added Orson Scott Card. “Creating an engrossing story is paramount in establishing credibility with players and allows them to connect with what’s happening on screen.”

In Advent Rising, a common legend pervades the galaxy – that of a powerful, ancient race that will one day unite the universe. Millions of cultures from vastly distant worlds revere and hallow these mythological beings known as humans. One race, the Seekers, know humans actually exist and are threatened by their potential power. Under the guise of benevolent explorers, the Seekers travel throughout the galaxy in a desperate attempt to eradicate any human society they unearth.

Players assume the role of Gideon Wyeth, a remnant of the last human outpost, on the brink of discovering the incredible powers that lay dormant within him. It is these powers the Seekers are so desperate to suppress.

Developed by GlyphX Games, Advent Rising is a third-person, intergalactic action/adventure of truly epic proportions, akin to a fast-paced action movie where the player is swept up in an ever-evolving series of sequences and events. Built on Epic Games’ Unreal Warfare Engine, Advent Rising offers precise, refined play-dynamics with action-packed adventure and style, wrapped in a visually imaginative universe.

Advent Rising will be unveiled through exclusive screenings of a specially created game trailer at the Electronic Entertainment Expo (E3) in Los Angeles, May 14-16, 2003. The official Advent Rising website is located at www.AdventTrilogy.com. Additional information about other exciting products included among Majesco’s E3 line-up can be found at http://www.majescogames.com.