IMTS FORMS NEW SUBSIDIARY FOR MANUFACTURING
AND
SALES OF RACE CAR SIMULATORS
INDIANAPOLIS
(August 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.
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.
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For more information
on IMTS, please visit our website at 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.
Contact:
Steve Wagoner, InvestorRelations@SMSonline.com
(800) 766-2782
Investor Relations on the web: http://www.SMSonline.com/company/inv_rel_index.asp
