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[Update] Majesco Entertainment Still Quiet, But It Didn’t Acquire An Insurance Company

Update: We're issuing a retraction on this story. The press release we read directly referenced Majesco Entertainment's stock ticker (COOL), but that was an error.

There is another Majesco, a maker of insurance software, which completed a merger with Cover-All. All of the information in the original story regarding Majesco Entertainment's most recent status remains accurate, and we are leaving this story up so those referencing it see the correction. Should Majesco Entertainment update us on its current status, we'll report that in a new story.

We apologize for the error. Thanks to Anthony Grosso for directing us to the correct information.

Original Story:

Cooking Mama publisher Majesco has acquired Cover-All, a New Jersey-based insurance company. The publisher has recently been through challenging financial straits, escaping another NASDAQ delisting warning.

According to a press release issued by Majesco and Cover-All, outstanding Cover-All shares will be converted to .21641 Majesco shares. Fractional shares will be rounded up to the next whole share.

Additionally, all outstanding, unexercised Cover-All options will be converted to Majesco options. The deal closed today, and Majesco will be changing its ticker from COOL to MJCO on or about Monday, June 29.

Majesco’s financial report issued in November 2014 painted a bleak picture of the company’s future in the video game publishing business. At that time, the company indicated that it had doubts about its ability to remain in business and had no significant new games for release in 2015.

Shortly thereafter, the company shuttered Midnight City, its indie publishing arm. Majesco’s website has not carried any new information since October of last year.

We’ve reached out to the company with a request for comment and update on the status of its publishing business. We’ll share any information we learn.

[Source: Business Wire via Seeking Alpha]


Our Take
It seems like Majesco is working to reorient its business. I don’t expect there will be any sudden game announcements after this merger, though this could simply be an effort to diversify and provide a steady source of revenue outside the gaming business. This may be an effort to get the company back on its feet, though given the radio silence since last year, its impossible to know without a statement.

Update: Given the new, accurate information about this story, we're still interested in what Majesco Entertainment is up to, but it's clear it isn't getting into the insurance business. – The Feed

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Myllyrinne has served as CEO since 2008. He also sits on the board of directors of Starbreeze.

"I’ve been with Remedy since 1999 – this is a long time," Myllyrinne says. "It is time for me to move on. It has been a great ride and now is the right time to start another adventure. Remedy will be an unbelievably tough act to follow."

Remedy is currently celebrating its 20th anniversary. The studio's next game, Quantum Break, was recently delayed from 2015 into the new year.

No successor has yet been named, and Myllyrinne has not yet shared information about what his plans are after departing Remedy.

Update: Speaking with, Myllyrinne says that he will be joining Wargaming.

[Source: Remedy, Matias Myllyrinne on Twitter]


Our Take
Remedy has seen two significant departures recently. Ozz Häkkinen left to start his own app studio, and now the company CEO of 15 years is departing. I've enjoyed Remedy's work (and Alan Wake is one of my favorite games of last generation). I don't expect this will greatly impact the development of Quantum Break, which Microsoft is counting on to be a hit. – The Feed

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President of Daybreak Game Company John Smedley has been very active on Twitter in order to keep H1Z1 players in the know about various things happening with the game and its servers. Today, Smedley took to the social media site to share news that the zombie MMO has sold 1 million digital copies on Steam since launching on January 15.

Smedley was also active in commenting on the status of the Australian servers, which went live today. In addition, the president of the studio announced that Daybreak banned over 5,000 cheaters from the game.

H1Z1 currently sits in the top 20 of Steam's top sellers, sandwiched between the BioShock Triple Pack and Borderlands: The Pre-Sequel + Season Pass. Despite Sony selling Sony Online Entertainment in February of this year, prompting the name change to Daybreak Game Company, H1Z1 is still scheduled to release on PlayStation 4 at some point this year.

[Source: Twitter]


Our Take
That's a big milestone for the zombie survival MMO. If the success of H1Z1 on Steam is any indication, it could prove to be a big hit on PlayStation 4 when it launches later this year. – The Feed