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INTERACTIVE MOTORSPORTS AND ENTERTAINMENT CORP. NAMES THREE NEW CORPORATE OFFICERS


INDIANAPOLIS, IN (August 21, 2002) - William R. Donaldson, Chairman and CEO of Interactive Motorsports and Entertainment Corp.(OTCBB:IMTS), today announced that Erik R. Risman has been named President and Chief Operating Officer of Perfect Line, Inc., the wholly owned subsidiary which owns and operates the unique NASCAR Silicon Motor Speedway mall-based racing centers.

In addition, Philip E. Langholz has been named Vice-President, Director of Stores, and Dr. Ambuj Jain has been named Chief Marketing Officer of Perfect Line, Inc.

Risman, an executive with more than 30 years of retail, wholesale and consumer products management and consulting experience, began his career with R.H. Macy & Co. He has had the unique exposure of entrepreneurial and corporate senior level multi-division management and has held positions of Chief Executive Officer, Chief Operating Officer and Group Executive. He has executed or directed the reorganization and repositioning of businesses from $5 million to $300 million and has served in both interim and crisis management roles for a variety of companies. Risman graduated from the University of North Carolina at Chapel Hill with Honors in Writing.

Langholz has more than 25 years of experience in retail management including positions as Director of Stores for a 150-store clothing chain, Operations Manager, directing the design and construction of stores and warehouse facilities, and merchandise buyer. He is a graduate of Capital University in Columbus, Ohio, and began his career with Sycamore Stores, a division of Associated Dry Goods.

Dr. Jain, formerly an award-winning educator, has more than 17 years of professional experience. He taught marketing courses to MBAs and senior executives for nine years and has consulted with various Fortune 500 companies. In addition, he has served in senior management roles at Resort Condominiums International and Ultimate Race Vacations, Inc. Jain holds a Bachelor of Commerce degree from Allahabad University, a Master of Commerce from the Delhi School of Economics and an MBA and Ph.D. in Marketing from the State University of New York at Buffalo.

Perfect Line's NASCAR Silicon Motor Speedway stores are the largest chain of officially licensed, NASCAR-branded entertainment and retail stores in the world. Perfect Line has integrated sophisticated proprietary racing simulator technology with an exclusive NASCAR license for motion-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 over $1 billion in NASCAR branded retail merchandise sales.

Perfect Line's racing centers are designed to give customers an experience that comes as close to real NASCAR Winston Cup racing as possible. Each racing center features 8 to 14 Winston Cup race car simulators in 4500 to 8000 square feet which includes a dedicated merchandise area featuring NASCAR's top drivers and teams. The race experience includes pre-race training and a 10 to 13 lap race on an authentic NASCAR racetrack. All cars within the racing center compete against each other as well as computer generated racecars that are added to create a full field of competition. Detailed race results are available after the race in the Winner's Circle, and videos of each race are available for purchase. Over 171 million people annually visit the twelve high-traffic, high profile malls or retail environments where the current NASCAR Silicon Motor Speedway stores are open.


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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.


Contact:

Interactive Motorsports and Entertainment Corp.
William R. Donaldson
317-295-3500
BDonaldson@SMSonline.com


Richard Moyer
Richard@CameronAssoc.com
212-554-5466


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