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EDISON, N.J., Oct 18, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Majesco Entertainment Company (Nasdaq: COOL), today announced that its credit grantors have increased the Company's availability under existing factoring and finance facilities.
Cash advances under the factoring and financing arrangement have been increased to $16 million from $7.5 million. In addition, the Company reactivated its $10 million letter of credit facility for purchase order financing.
The Company is in active negotiations to restore its credit availability to prior levels.
About Majesco Entertainment Company
Headquartered in Edison, NJ, Majesco Entertainment Company (Nasdaq: COOL) is an innovative provider of digital entertainment products and content. The Company's diverse product lineup includes forthcoming video games such as Aeon Flux™, JAWS™ Unleashed and Infected™ for the PSP™ (PlayStation®Portable), as well as digital entertainment products like Frogger® TV Arcade. Utilizing its proprietary video compression technology, Majesco plans to offer Game Boy® Advance Video versions of the beloved DreamWorks Animation movies Shrek, Shrek 2 and Shark Tale. More information about Majesco can be found online at http://www.majescoentertainment.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.
SOURCE Majesco Entertainment Company
Mary Magnani, Director, Investor Relations of Majesco Entertainment Company, +1-732-225-8910
http://www.prnewswire.com
