PLAYLAND OF BRAZIL
BECOMES SEVENTH REVENUE SHARE INSTALLATION

INDIANAPOLIS (January 28, 2004) - William R. Donaldson, Chairman and CEO of Interactive Motorsports and Entertainment Corp. (OTCBB:IMTS), announced the seventh revenue share installation with the signing of a four simulator revenue share agreement between Race Car Simulators, Inc. and Playland Entretenimento Ltda of Sao Paulo, Brazil. Race Car Simulators, Inc. is a wholly-owned subsidiary of IMTS that manages the manufacturing and sale of the company's state-of-the-art race car simulators.

This agreement is the third international installation announced by the company, with simulators planned for sites in London and Moscow.

Under the terms of the agreement, RCS will install four simulators at one of 12 Playland's Playcenter family entertainment centers in the Sao Paulo market. Installation is scheduled for June of 2004.

The Playland entertainment centers offer modern equipment for the entertainment of people of all the ages. The first Playland store opened in 1981 in Rio de Janiero, and today there are 17 Playland centers located in the most prominent shopping centers in Brazil entertaining about 5 million customers annually.

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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 & 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 for 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.