NASCAR Silicon Motor Speedway Announces Custom Upgrades to
World's Most Realistic Racing Simulation

INDIANAPOLIS (September 02, 2003) - The NASCAR Silicon Motor Speedway simulated racing experience will take a major leap forward in technology on September 9th when car parameters will be introduced nationwide in its 13 racing centers.

"We are very excited about the introduction of our new car parameters modifications software in our racing centers," stated Bill Donaldson, Chairman and Chief Executive Officer of Interactive Motorsports and Entertainment Corp. (OTCBB: IMTS). Perfect Line, Inc., a wholly-owned subsidiary of IMTS owns and operates the NASCAR Silicon Motor Speedway Centers.

The new racing parameters software, which was developed in response to the many requests by our best customers, competitive drivers and league racers, mirrors the adjustments made by pit crews and crew chiefs during time trials and throughout a Winston Cup race.

These parameters include driver aids such as traction control and anti-lock brakes (either can be turned on or off), aerodynamics such as spoiler angle (affects both drag and down force on your car), handling options such as steering ratio and front anti-roll bar (for car balance) and power train options such as motors (3 different motors available), transmission and rear end (ring/pinion) ratio.

"These software upgrades to our industry leading technology are an ongoing part of our campaign and investment to keep our racing experience as real as it can get," said Donaldson.

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, please visit our web site 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 & 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.

Investor Contact:
Interactive Motorsports and Entertainment Corp.
Investor Relations on the web

Steve Wagoner
(800) 766-2782
InvestorRelations@SMSonline.com