IMTS Forms New Subsidiary for Manufacturing and Sales of Race Car Simulators

INDIANAPOLIS--(BUSINESS WIRE)--Aug. 12, 2003--Interactive Motorsports & Entertainment Corporation (OTCBB:IMTS) today announced that it has formed a new subsidiary that will deal in manufacturing and sales of auto racing simulators. The announcement comes in response to the increased interest in the company's full motion racing simulators for both the domestic and international markets.

Race Car Simulators, Inc. is a wholly-owned subsidiary of IMTS, according to an announcement made by William R. Donaldson, Chairman and CEO of IMTS.

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Donaldson also announced the appointment of Richard J. Wheeler as Director of Sales. Wheeler, 55, has 23 years of experience in amusement sales and multi-unit operations in the amusement and restaurant industries. He comes to Race Car Simulators from Illusion, Inc., where he was Director of Sales and Marketing. He was formerly a regional vice-president for the Malibu Grand Prix Corporation. He holds a Psychology degree from the University of Connecticut.

For more information on IMTS, visit www.SMSonline.com.

Forward-looking statements

Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, and the business prospects of Interactive Motorsports and Entertainment Corporation, are subject to a number of risks and uncertainties that may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, the outlook of the economy and the effect on future revenues, access to and cost of capital, uncertainty of new product development, competition, and dependence on updated technology and licenses and leases.