RACE CAR SIMULATORS INKS THE SALE OF EIGHT SIMULATORS FOR INSTALLATION IN MOSCOW

INDIANAPOLIS (December 1, 2003) - William R. Donaldson, Chairman and CEO of Interactive Motorsports and Entertainment Corp. (OTCBB:IMTS), announced a purchase agreement between Race Car Simulators, Inc. and Roltex Group, LLC. Race Car Simulators, Inc. is a wholly-owned subsidiary of IMTS that manages the manufacturing and sale of the company's state-of-the-art race car simulators.

Under the terms of the agreement, Roltex has paid an advance on the purchase of 8 simulators that will be installed within a five-story entertainment complex in Moscow, Russian Federation. Installation is scheduled for March, 2004.

"Our Race Car Simulators group is off to a fast start," said Donaldson. "Our unique, full motion race car simulators have an appeal in nearly every market around the world, and this sale is an example of that interest."

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