MARK PAUL NAMED CFO BY INTERACTIVE MOTORSPORTS
AND ENTERTAINMENT CORP.

INDIANAPOLIS, IN (September 13, 2002) - William R. Donaldson, Chairman and CEO of Interactive Motorsports and Entertainment Corp. (OTCBB:IMTS), today announced that Mark A. Paul, CPA, has been named Chief Financial Officer of Perfect Line, Inc., the wholly-owned subsidiary which owns and operates the unique NASCAR Silicon Motor Speedway™ mall-based racing centers.

A financial executive for more than 12 years, Paul most recently held the position of Director, Vice-President and CFO for Symons International Group, Inc., an auto insurance company in Indianapolis. Prior to that, he was Controller for the Indianapolis-based Steak n Shake Company and Vice-President of Finance and Controller for Bank One Mortgage. Both Symons and Steak n Shake are publicly held companies. He began his career at Coopers & Lybrand, with the final position of Audit manager. He is a graduate of Indiana University.

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 eight to fourteen Winston Cup race car simulators in 4500 and 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 race cars 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 178 million people annually visit the 12 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.

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

Steve Wagoner
(800) 766-2782

InvestorRelations@SMSonline.com

Richard Moyer
Cameron Associates
(212) 554-5466
Richard@CameronAssoc.com