MAJESCO ENTERTAINMENT ANNOUNCES DISTRIBUTION AGREEMENT WITH SCHOLASTIC INTERACTIVE FOR CONSOLE AND PORTABLE VIDEO GAMES

NEW YORK - September 22, 2008 -- Majesco Entertainment Company (NASDAQ: COOL), an innovative provider of video games for the mass market, announced today an agreement with Scholastic Interactive, a division of Scholastic Media (SM) ( http://www.scholastic.com), to distribute the Group's console and handheld titles in North and South America. Titles under the agreement include Goosebumps HorrorLand for Wii, PlayStation 2 computer entertainment system and Nintendo DS and Ultimate I SPY for Wii, scheduled for release in October, as well as catalog titles I SPY Fun House and Animal Genius for Nintendo DS.

"The Majesco team is excited to help Scholastic bring to market games based on two of their most well known and successful franchises, Goosebumps and I SPY, as well as expand the distribution of their catalog titles," said Gui Karyo, Executive Vice President of Operations, Majesco.

Alan Waldman, SVP of Scholastic Interactive, added "Majesco's success in mass market and family oriented video games coupled with their strong retail distribution relationships strongly support Scholastic Interactive's goal of broadening our consumer reach with the expansion of our gaming business."

Scholastic Interactive publishes and markets interactive software for all platforms, including video games, digital downloads, electronic toys and more. The company is highly respected for delivering high-quality, award-winning games that educate and entertain children with titles like I SPY Challenger and Clifford Reading for the Leapster Learning Game System. Scholastic Interactive will expand its portfolio of titles in 2008 with entertainment driven games such as Goosebumps HorrorLand and Ultimate I SPY. Both titles will be published under Scholastic Interactive's new games' label, ELASTIC.

Majesco Entertainment is a leading provider and distributor of video games for the mass market. The Company has a successful record in the casual gaming genre with best-selling and award-winning titles in the Cooking Mama and Cake Mania franchises. Upcoming releases include: Major Minor's Majestic March, a music-based marching band game for Wii that marks the return of the creative team behind the renowned PaRappa the Rapper franchise; Away: Shuffle Dungeon for Nintendo DS, a premier role playing game that features creative contributions from renowned industry visionaries; and Jillian Michaels' Fitness Ultimatum 2009 for Wii, the first game of its type to combine a celebrity fitness trainer with the WiiTM and innovative Wii Fit Balance Board accessory to offer players a fun and entertaining way to get in shape.

About Scholastic Media

Scholastic Media (SM), the entertainment and media division of Scholastic, is a leading producer of quality, family-oriented content across multiple platforms, including feature films, television programming, videos, interactive and audio products, and web sites, and is a major developer and marketer of children's brands worldwide.

About Scholastic

Scholastic Corporation (NASDAQ: SCHL) is the world's largest publisher and distributor of children's books and a leader in educational technology and children's media. Scholastic creates quality educational and entertaining materials and products for use in school and at home, including children's books, magazines, technology-based products, teacher materials, television programming, film, videos and toys. The Company distributes its products and services through a variety of channels, including proprietary school-based book clubs and school-based book fairs, retail stores, schools, libraries, television networks and the Company's Internet Site, www.scholastic.com.

About Majesco Entertainment Company

Majesco Entertainment Company is a provider of video games for the mass market. Building on 22 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 Nancy Drew, Cooking Mama and Cake Mania 2 for Nintendo DS and Cooking Mama: Cook Off for the Wii system. 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 http://www.majescoentertainment.com.


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