NASCAR
SILICON MOTOR SPEEDWAY OPERATOR GETS EXCLUSIVE
FIVE-YEAR NASCAR LICENSE EXTENSION
INDIANAPOLIS (July 24, 2003) - Perfect Line, Inc. the operator
of NASCAR Silicon Motor Speedway, has secured a five-year extension
on its category exclusive NASCAR license and will now enjoy the benefits
of being a NASCAR licensee through 2009.
The extension was announced by William R. Donaldson, Chairman and CEO
of Interactive Motorsports and Entertainment Corp. (OTCBB: IMTS).
Perfect Line, Inc., a wholly-owned subsidiary of IMTS, owns and operates
the unique NASCAR Silicon Motor Speedway mall-based racing centers.
Perfect Line has extended
its license agreement with NASCAR through December of 2009.
Under
the terms of the exclusive NASCAR license for location-based entertainment,
Perfect Line also has the right to use the NASCAR bar logo within the
Silicon Motor Speedway name and logo to brand each racing center, and
to use for all marketing of the racing centers, use within collateral
sales materials, on its website, on merchandise and within racing simulator
software. The license renewal extends those rights to operator-assisted
revenue-share locations such as entertainment centers and theme parks
where NASCAR Silicon Motor Speedway racing simulators are in use.
"The license with NASCAR is the basis upon which Perfect Line
operates the current 13 NASCAR Silicon Motor Speedway locations,"
said Donaldson. "We are excited about the potential growth
of this NASCAR branded business just as NASCAR's popularity continues
to grow both domestically and internationally."
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.
The National Association for Stock Car Auto Racing, NASCAR,
is the sanctioning body for one of America's premier sports. With 75
million fans spread throughout the U.S. and ranking second among sports
on television and third in licensed product sales, NASCAR has catapulted
into the American mainstream. The Passion and brand loyalty of NASCAR
fans have attracted many of the best known brands in America: more Fortune
500 companies are involved in NASCAR than any other sport. Based in
Daytona Beach, Fla, with offices in Charlotte, New York and Los Angeles,
NASCAR sanctions 1,800 races at 120 tracks in 38 states.
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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 dependencies on updated technology and licenses and leases.
Contact:
Steve Wagoner: (800) 766-2782; email, InvestorRelations@SMSonline.com
Investor Relations on the Web: http://www.SMSonline.com/company/inv_rel_index.asp
