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Majesco Appoints New CEO

by Rainier on Dec. 7, 2007 @ 8:00 a.m. PST

After being on the brink of bankruptcy several times, various reorganization & restructuring, Majesco appointed Jesse Sutton as its chief executive officer and Allan Grafman as its non-executive chairman of the board.

“As CEO, I will continue to guide Majesco into its next phase of growth by exploring new avenues in the digital entertainment market,” said Jesse. “Most recently, we launched Majesco Studios, which enables us to leverage our technical and design expertise to specifically focus on products and titles targeting the casual gamer. We're excited about the opportunities that will result from this initiative and believe this move furthers our ability to build the same or better product as we do externally with similar or reduced costs. In addition, we are fortunate to announce that Allan Grafman has assumed the role of non-executive chairman of the board. His extensive knowledge of mass market entertainment franchises and the growing interactive media space will help guide the execution of the company’s strategic goals.”

"The board wants to thank Jesse for his strategic leadership and direction over the past 16 months,” said Grafman. “In addition to driving the mass market strategy, Jesse has led expense reductions, financings and multiple new title releases. We are confident in his ability to aggressively build our business as he focuses on expanding the company’s distribution channels and creating partnerships to increase sales.”

Sutton, 38, has served as Majesco’s interim CEO and a member of the board of directors since August 2006 and as president from 1996 to 2006. He has been involved in overseeing all aspects of the company's operations and has been a key architect of the company's mass market strategy.

Grafman, 54, has served as a member of Majesco’s board of directors since April 2007. He is currently the President of All Media Ventures and has been an operating partner of Mercury Capital Partners since 2005. Previously, Grafman served as President of Archie Comics Entertainment and Executive Vice President, Chief Financial Officer of Hallmark Entertainment. From 1983 to 1996, at Tribune Entertainment he served as Vice President and at parent Tribune Company as Managing Director.

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