INDIANAPOLIS (September 17, 2003) - The state-of-the-art NASCAR racing simulators that have made NASCAR Silicon Motor Speedway locations so popular in the USA will be among the featured attractions of a collection of planned racing-themed entertainment venues to open in Europe and Asia beginning late next year.

William R. Donaldson, Chairman and CEO of Interactive Motorsports and Entertainment Corp. (OTCBB:IMTS), announced an agreement between Perfect Line and Yello Properties, Ltd. Perfect Line, Inc. is a wholly-owned subsidiary of IMTS that owns and operates the unique NASCAR Silicon Motor Speedway racing centers.

Under the terms of the agreement, Yello will purchase 12 simulators that will be installed in the first of a projected 12-14 motorsports entertainment centers to be located throughout Europe and Asia. Other cities planned for expansion include Paris and Munich, with sites to be determined in Italy and the Far East.

The first venue will open in London at a site located in the Trocadero Center near the Theatre District and Piccadilly Circus. This initial London location will be a 35,000 square foot entertainment facility and is scheduled to open in the late fall of 2004.

"NASCAR racing has an increasingly large international fan base and we are extremely pleased that Yello Properties has chosen our simulators, the most realistic racing simulation in the world, as part of this new project," said Donaldson. "We are excited not only about the opening of the London location and the many other planned venues, but also the successful introduction of our technology outside of the U.S.A."

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: InvestorRelations@SMSonline.com (800) 766-2782
Investor Relations on the web: http://www.SMSonline.com/company/inv_rel_index.asp