As a result of a one-time charge of $1.50 for 2004.

-- The Company secured Game Boy Advance video rights to several
Disney properties, which will culminate in the launch of four
initial titles that include well-known properties such as
Disney's Kim Possible, Disney's Lilo + Stitch, TheProud Family
and Super Robot Monkey Team, and Brandy + Mr. For those
who cannot listen to the live conference call, a replay will be
available until midnight on March 16, 2005.majescogames.com . AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands , except for share amounts)

Three Months Ended
January 31,
-----------------------
2005 2004
----------- -----------
(unaudited)
----------------------------------- -----------------------------------
Net revenues $30,719 $24,619
----------------------------------------------------------------------

Cost of sales
Product costs 16,724 15,191
Software development costs and license fees 3,030 1,932
-------------------------------------------------- --------------------
Total cost of sales 19,754 17,123
--- -------------------------------------------------------------------

Gross profit 10,965 7,496
---------------------------------------------------- ------------------

Operating expenses
Research and development 814 574
Selling and marketing 5,276 2,798
General and administrative 2,153 1,685
Non-cash compensation 465 -
Depreciation and amortization 287 90
----------------------------------------------------------------------
Total operating expenses 8,995 5,147
---------------------------------------------------- ------------------

OPERATING INCOME 1,970 2,349
- ---------------------------------------------------------------------
Other non-operating expenses
Interest expense and financing costs 734 635
Unrealized loss on foreign exchange contract 69 315
Merger costs - 342
----------------------------------------------------------------------
Income before income taxes 1,167 1,057
Provision for income taxes 467 -
-------------------------------------------------------------------- --
Net income 700 1,057
Warrant charge 1,100 -
-
----------------------------------------------------------------------
Net income (loss) attributable to common
stockholders $(400) $1,057
----------------------------------------------------------------------
Net income (loss) attributable to common
stockholders per share
Basic $(0.001
par value; 10,000,000 shares authorized;
1,000,000 shares designated and 132,142 shares
issued and outstanding at January 31, 2004 - - -
Additional paid in capital 90,503 (15,717) 29,194
Accumulated deficit (15,788) 1,057 (15,388)
Accumulated other comprehensive loss (29) (35) (36)
----------- -------- --------
Total stockholders ' equity 74,708 (14,690) 13,785
--------- -- -------- --------
Total liabilities and
stockholders' equity $99 ,958 $9,640 $43,952
=========== ======== ========

eggstreme ef2000

8 Percent Over
Previous Year Quarter; Management Reiterates Guidance for 2005

Majesco Holdings Inc.
For the quarter, the Company generated net income of $700,000
compared to net income of $1.
The Company completed the first quarter with working capital of
$64. Chason, Majesco's Chief Financial Officer commented, "Our
record first quarter net revenues were driven by our Video and
high-margin Gadget products which were not introduced until the latter
half of fiscal 2004 . We expect this level of expenditures to continue as we prepare
to release major premium game titles in the coming quarters and
implement the support functions associated with being a NASDAQ traded
company. Tommy
Tallarico, the award-winning composer and video game sound
designer , oversaw the composition and sound design.0 million in total.
All trademarks are properties of their respective owners.
Another first from the Rifts video game, Turn Notification is a new
feature for N-Gage Arena.nokia.

ephemeral kardian

Jan E.
Designed specifically for the video game, the Elemental Fusionist is a
new character class for the Rifts Megaverse(R) that will make its debut in
Rifts: Promise of Power. Nokia and N-Gage are
trademarks or registered trademarks of Nokia Corporation.com
Username: ngageate3
Password: assets4me
Copyright (c) 2005 Nokia. Nokia and N-Gage are
trademarks or registered trademarks of Nokia Corporation.

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----

Record Net Revenues of $30.7
million, compared to $24. Our gross margin increased to 35."
Carl Yankowski, Majesco's Chairman and Chief Executive Officer,
commented, "This quarter has been an exciting one for Majesco; we were
listed on the NASDAQ National Market System, and raised $60 million in
net proceeds from a successful registered offering and related warrant
exercise. Greenman was appointed Executive Vice President and
General Manager of Majesco's Video product line, overseeing
the content acquisition , development, marketing and sales of
videos for handheld platforms - a product line that achieved
net revenues in excess of $50 million last year.

On January 31, Majesco completed a $75 million secondary
offering, resulting in approximately $42.

-- Raze's Hell , a new, darkly comic, third-person shooter, is
also exclusive for Xbox and featuring Xbox Live support .net. 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 the Wireless
Messenger for Game Boy Advance.

MAJESCO SALES INC.10
----------- -----------
Weighted average shares outstanding
Basic 16,175,243 4,247,510
----------- -----------
Diluted 16,175,243 10,162,339
----------- ----- ------

MAJESCO HOLDINGS INC. Gamers can play against their friends at their own
schedule without the need for everyone to be online all at once.
"Rifts on N-Gage truly raises the bar for Strategy Role-Playing Games,
both in the single and multiplayer experience," said Shane Neville, producer
of Rifts: Promise of Power. Bluetooth is a registered trademark of
Bluetooth SIG, Inc.

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Majesco contracted with a 70-piece orchestra, led by Emmy
Award-winning conductor Mark Watters, to produce the musical
score for "Advent Rising.

-- Jaws , based on one of the most enduring action-suspense films
of all time, is being developed by Appaloosa . First Ever Video Game Version Of Renowned RPG With Multiple Mobile
Multiplayer Features

ESPOO, Finland, Today Nokia announced
the game features, multiplayer game modes and a brand new character class for
the upcoming tactical role-playing N-Gage title Rifts(R): Promise of Power
(TM). Moves are
uploaded to N-Gage Arena and opponents can retrieve the moves at their own
leisure and upload their counter attacks.com
For assets go to http://www.

2150 xcar

7 million, Up 24.

-- Phantom Dust, a unique action/strategy game developed by
Microsoft Games Studios Japan is scheduled to ship later this
month exclusively for the Xbox and will include Xbox Live
support."
Rifts: Promise of Power is featured during E3 in the Nokia booth #1524,
South Hall, Los Angeles Convention Center.

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Operating income
was $2.3
million for the same period one year ago.8) million in
the same quarter of the prior year, representing a current ratio of
3. Looking forward, we will continue to
invest in product research and development, and enhance our marketing
efforts to include more exciting consumer promotions across all our
businesses. In addition,
during the quarter the Company received $18.majescogames.com/press
http://www. Rifts: Promise of
Power (c) 2005 Palladium Books, Inc.

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7 million
compared to $13.0 million in net proceeds. The increased expenses for the quarter were directly related
to building the infrastructure necessary to position us for future
growth. It is scheduled for release
in the third quarter. International
participants can access the call by dialing 973-935-8512.
Additionally, the call will be web cast by ViaVid Broadcasting and
can be accessed at Majesco's website at www. Built for active gamers, the
N-Gage platform is the first mobile and connected game deck to feature online
high-quality 3D multiplayer gameplay over Bluetooth wireless technology and
GPRS.

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Majesco Reports First Quarter Financial Results

We are also seeking opportunities to grow the business
domestically and internationally, organically , and through strategic
partnerships and other affiliations." The score was then mixed and
recorded by Armin Steiner, the Grammy Award-winning mixing
engineer best known for his work on such blockbuster movies as
"Finding Nemo," "Seabiscuit" and "The Matrix" trilogy .

-- Infected, a thrilling new run-and-gun shooter that allows
players' avatars to invade opponents' PSP systems via
multiplayer victories.

2005 Outlook

Management reiterated its expectations for fiscal 2005, expecting
revenue of $175 - $185 million and operating income of $16 - $18
million.001 par value; 250,000,000 shares
authorized; 22,104,804, 5,454,090 and 15 ,403,704
issued and outstanding at January 31, 2005,
January 31, 2004 and October 31, 2004 ,
respectively 22 5 15
Series A Convertible Preferred stock - $.
The multiplayer game modes for Rifts: Promise of Power include Melee,
Defender , King of the Hill, Capture the Flag and Survival. The Melee mode
consists of Battle Royal, Elimination , Duel and Team Battle. All rights reserved.

estopolis explom

J. Jaws is planned for release this summer for the
PlayStation 2, Xbox and PC.

Conference Call

At 5:00 PM EST (2:00 PM PST) today, management will host a
conference call to discuss the results.02) $0.25
----------- -----------

Diluted $(0.02) $0. 31,
----------------------------
2005 2004 2004
----------- -------- --------
(unaudited)
-----------
ASSETS
Current assets
Cash and cash equivalents $54,548 $434 $4,170
Due from factor 9,061 295 9,491
Inventory 8,455 1,836 12 ,755
Capitalized software development costs
and prepaid license fees - current
portion 15,357 5,182 10,574
Prepaid expenses 2,143 1,038 831
----------- -------- --- -----
Total current assets 89,564 8,785 37,821
Property and equipment - net 765 787 798
Capitalized software development costs
and prepaid license fees 9,093 - 4,952
Other assets 536 68 381
----------- -------- ----- ---
Total assets $99,958 $9,640 $43,952
=========== ======== ========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
expenses $22,667 $11,890 $19,985
Inventory financing payable 540 667 6,750
Advances from customers 2,043 1,632 2,171
Settlement obligations - current
portion - 2,935 -
Loans payable - stockholders -
current portion - 475 -
----------- -------- --------
Total current liabilities 25,250 17,599 28,906

Settlement obligations - 2 ,710 -
Capital lease obligations - 21 -
Loans payable - stockholders - 3,000 -
Loans payable - related party - 1,000 -
Dividend payable in common stock - - 1,261

Commitments and contingencies

Stockholders' equity (deficiency):
Common stock - $.

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5 million, or 30.

-- Advent Rising, the first title in a planned trilogy of games,
has been developed in collaboration with award-winning science
fiction author Orson Scott Card.

-- The Company announced a development contract with
award-winning Swedish developer, Starbreeze Studios, the
developer behind the critically acclaimed game, Chronicles of
Riddick: Escape From Butcher's Bay, to develop content for the
next generation of console systems. It
was developed by Artech Studios is scheduled to launch in the
second quarter. The Company's actual results could
differ materially from those anticipated in such forward-looking
statements due to a variety of factors.
Nokia is the world leader in mobile communications.

istaria estopolis

Excluding this one-time charge, the Company would have reported net
income per share of $.microsoft.n-gage.

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7 percent,
underscoring the strength of our diversified product offering
strategy.

-- Advent Shadow, an original title for the forthcoming PSP, is
an entirely new game designed exclusively for the PSP, written
and directed by the creators of the Advent Trilogy and
developed by Full Fat Productions. Whiskers .asp

About Majesco

Headquartered in Edison, NJ, Majesco Holdings Inc. More information about the Company can
be found online at www.n-gage.

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3 million versus a working capital deficiency of ($8.0 million in net
proceeds to the Company to fund future growth. This guidance anticipates increases in net revenue for all
product lines and improvement in the profitability from video games ,
while including consideration for planned increased investment in
marketing as well as increased infrastructure to support the Company's
anticipated growth and to meet the requirements of being a NASDAQ
traded company. To
access the web cast, you will need to have the Windows Media Player on
your desktop. Online rankings,
messaging and Turn Notification are also available via N-Gage Arena.extranet.

ef2000 eurofighter

05 for the first quarter of 2005. Greenman will
also serve as Chief Legal Officer for the Company.0 million through
the exercise of warrants originally issued to investors as
part of the Company's February 2004 private placement bringing
the Company $60.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.

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The Company reported record first quarter net revenues of $30.4
percent of net revenues for the same period in 2004.5 for 2005 versus .S.

Rifts(R) for N-Gage Platform to Offer Dynamic Multiplayer Options and New Character Class

Elemental Fusionists are rugged individuals who
possess the elemental forces of earth, fire, air and water within their
bodies. Please refer to the user guide for complete
information.

enchant gimmick

"

Recent Highlights

Lester E. 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 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. They have the ability to unleash elemental forces from their bodies
in order to cast spells, and boast of strength and endurance that are both
above average.

ephemeral eaxia

(NASDAQ: MJES ), an innovative provider of
diversified products and content for digital entertainment platforms ,
today announced results for its first quarter ended January 31, 2005.0 million for the 2005 quarter versus operating income of $2.1 million for the first quarter of last
year. Playing over the
N -Gage Arena, up to four players can combat via GPRS. The N-Gage device also offers unique online games services as well as a
comprehensive and growing games catalogue from the leading game publishers . Some features and services are dependent on the network,
supported digital content formats, the compatibility of other devices and
applications, and other factors.

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Simultaneously, the
Company announced it had been listed on the NASDAQ National
Market System. The web
cast may also be accessed at ViaVid's website at www. For the free download of the Media Player please visit:
http://www. "The deep and involving story based on the
inspiring Rifts Megaverse, combined with the game modes and Turn Notification
feature, make Rifts: Promise of Power a truly revolutionary game.

ephemeral ef2000

Business Editors

EDISON, N.
To listen to the call, please dial 888-694-4676, approximately
five minutes prior to the start of the call. (NASDAQ: MJES)
is an innovative provider of diversified products and content for
digital entertainment platforms. 31, Oct. Based on Palladium Books(R)' highly acclaimed pen and paper
role-playing game, Rifts: Promise of Power is available exclusively on the
N-Gage platform and will be available in stores worldwide this October.

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Gross profit increased to $11.0 million or 35.1 million related to an
incentive granted to certain holders for the exercise of warrants, the
Company reported a net loss applicable to common stockholders of
($.8 million as of October 31, 2004.

Key Announced Upcoming Products

-- Psychonauts , the anticipated new video game being developed by
Double Fine Productions, a studio founded and managed by
award-winning game designer Tim Schafer. The conference identification code is
5770097 . AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(dollars in thousands , except share amounts)

Jan. Rifts: Promise of
Power and character likenesses are trademarks or registered trademarks owned
and licensed by Palladium Books, Inc.

primetime explom

Stockholders' equity as of January 31, 2005 was $74. The increase in the
Company's financial condition was principally due to the completion of
its public stock offering in January and related warrant exercise,
which provided $60. The Company plans to
launch Psychonauts in the second quarter of 2005 for the
PlayStation(R)2 computer entertainment system, Xbox(R) video
game system from Microsoft and PC. The game
features an innovative twist where players assume the role of
the shark.com/windows/windowsmedia/en/download/default. All rights reserved.

2night enchanter

We continued to broaden and enhance our product portfolio. The access number for the
replay is 877-519-4471 for U. 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.
About N-Gage
The N-Gage game deck is an innovative mobile device that is creating an
entirely new market for the games industry.

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6 million reported for the same period in
2004.7 percent of net
revenues for the first quarter, compared to $7.25 per share for the same period of last year.
Key initiatives include new premium and value games; game titles for
Sony's new PSP(TM) including an exclusive three -game partnership with
Planet Moon Studios; the release of several new Disney properties for
our Game Boy(R) Advance Video product line; and development of several
new wireless TV Arcade products . Infected is scheduled to ship this fall
and is the first release in an exclusive three game PSP deal
between Majesco and Planet Moon Studios. participants and 973-341-3080 for
international participants.
http://www.

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02) per share compared to net income applicable to common
stockholders of $. This premium title is
scheduled to ship during the third quarter for the Xbox and
PC.viavid .