NASCAR Silicon Motor Speedway Simulators Now Running at NASCAR SpeedPark

NASCAR SILICON MOTOR SPEEDWAY SIMULATORS
NOW RUNNING AT NASCAR SPEEDPARK

INDIANAPOLIS (April 22, 2003) - The new NASCAR Silicon Motor Speedway (NSMS) attraction at the NASCAR SpeedPark Smoky Mountains opened this past weekend, signaling the first time that NSMS's proprietary simulated racing experience has expanded out of the company's own mall-based Racing Centers.

William R. Donaldson, Chairman and CEO of Interactive Motorsports and Entertainment Corp. (OTCBB: IMTS), recently announced a revenue share agreement between NASCAR Silicon Motor Speedway and Burroughs & Chapin Company of Myrtle Beach, S.C., for the installation of 10 proprietary simulators at the NASCAR SpeedPark Smoky Mountains and the Myrtle Beach Pavilion Amusement Park's Ocean Front Arcade. Perfect Line, Inc., a wholly-owned subsidiary of IMTS, owns and operates the unique NASCAR Silicon Motor Speedway mall-based Racing Centers.

NASCAR SpeedPark is a pure NASCAR entertainment facility designed to bridge the gap between go kart family entertainment venues and the professional NASCAR circuit. NASCAR SpeedPark Smoky Mountains, located in Sevierville, Tenn., is one of two exclusively licensed NASCAR SpeedParks that provide an interactive fan attraction that puts the fan in the driver's seat. A third NASCAR SpeedPark is planned to open this summer at Concord Mills in Concord, N.C.

Six simulators like those in use at the 12 locations of NASCAR Silicon Motor Speedway opened this past weekend at the NASCAR SpeedPark Smoky Mountains, allowing park visitors to enhance their experience by driving in a simulated NASCAR Winston Cup Series race.

Four simulators will open soon at the Myrtle Beach Pavilion Amusement Park's Ocean Front Arcade, one of many Myrtle Beach attractions owned and operated by Burroughs & Chapin Company. Burroughs & Chapin Company is the licensee for NASCAR SpeedParks and is a privately-held company based in Myrtle Beach, S.C., that is a leader in the fields of entertainment, recreation, property development, property management and agriculture. The company's service to Myrtle Beach and the Grand Strand dates back to the 1860s and includes shopping developments, golf complexes, recreation and amusement facilities, retail shopping centers and residential and resort communities.

Perfect Line's NASCAR Silicon Motor Speedway Racing Centers are the largest chain of officially-licensed, NASCAR-branded interactive entertainment stores in the world, and offers its customers the most popular NASCAR merchandise available. Perfect Line has integrated sophisticated proprietary racing simulator technology with an exclusive NASCAR license for location-based entertainment and licenses for popular NASCAR tracks and teams. NASCAR racing is considered the number one spectator sport in America with an estimated 75 million fans and more than $1.5 billion in NASCAR retail merchandise sales.

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.