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As part of major changes within the company, Majesco gets a new CEO, reduces employees, and sees its future in digital titles, said the company via an announcement on its web site today.
As it plans to continue with its presence in gaming, the company announced the following:
- Major changes on the board of directors and management, which includes David Reactor as the new CEO since July 27th replacing Jesse Sutton. Sutton will continue his relationship with the company as a consultant.
- It has reduced the number of employees down to five. “We currently have just five full time employees and recently announced additional changes to our board of directors and senior management team.”
- It sees a greater future in downloadable games, “which has come to dominate the market”, and less participation in the retail market, as part of their new business model.
“I am writing to update you on the progress of Majesco Entertainment as it has reduced its exposure to the retail market with a renewed focus on the download gaming business, which has come to dominate the market,” said Sutton. “With new titles like “Glue” and “A Boy and His Blob,” and classic games like “BloodRayne,” “Slender,” and “Costume Quest 2,” we will continue to maintain our presence in gaming, while also looking ahead for new strategic opportunities that may be unrelated to our historical markets.”
Even in hard times, the company seems optimistic: “As we adjust to our new business model, we expect that our future quarters will be break even to profitable. We continue to explore new distribution channels and are working with developers to increase these numbers and further reduce costs.”
Majesco is also getting ready to release two games in the next few months: “During the next two quarters, we expect to launch two new exciting titles: ‘Glue and ‘A Boy and His Blob.’ These games will be launched on all next generation consoles and in some cases, PC. More info to come on these titles as they get closer to launch.”
[Source]: Majesco Entertainment: Majesco Issues Letter to Shareholders.