Race Car Simulators Announces Fourth International Agreement

RACE CAR SIMULATORS™ ANNOUNCES
FOURTH INTERNATIONAL AGREEMENT

INDIANAPOLIS (February 5, 2004) - William R. Donaldson, Chairman and CEO of Interactive Motorsports and Entertainment Corp. (OTCBB:IMTS), announced the signing of a four simulator purchase agreement between Race Car Simulators, Inc. and I-Vision Technology of Abu Dhabi, United Arab Emirates. 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 fourth international installation announced by the company, and represents placement to date of 28 of the company's patented race car simulators into international markets. Installation for the I-Vision simulators in Abu Dhabi is scheduled for July of this year. Other planned installations are for sites in London, United Kingdom, Sao Paulo, Brazil and Moscow, Russian Federation.

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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 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.