NASCAR SILICON MOTOR SPEEDWAY ATTRATCS NEW G4 TELEVISION NETWORK

NASCAR SILICON MOTOR SPEEDWAY ATTRACTS NEW G4 CABLE TELEVISION NETWORK TO TELEVISE THE
BRISTOL CHALLENGE

INDIANAPOLIS (December 9, 2002) – NASCAR Silicon Motor Speedway’s upcoming national competition, Bristol Challenge, will be broadcast on the new G4® cable television network, the only network fully dedicated to the world of video games.

William R. Donaldson, Chairman and CEO of Interactive Motorsports and Entertainment Corp. (OTCBB:IMTS), announced G4 will initially televise coverage of the finals of the Bristol Challenge to be held December 14 at Concord Mills Mall, just north of Charlotte, NC.

Perfect Line, Inc., a wholly-owned subsidiary of IMTS, owns and operates the unique NASCAR Silicon Motor Speedway mall-based racing centers. The upcoming Bristol Challenge competition, held at all locations, determines a national championship among simulator drivers, offering cash awards and other prizes to winners and champions.

G4 is the Comcast-owned 24-hour, seven-day-a-week cable television network that is targeted to young adults 12-34. The network is dedicated to creating a lifestyle brand that is the source of entertainment, news and information about video, computer, online and wireless games. Launched in April of 2002, G4 was initially carried on Comcast Cable systems and continues to expand to additional systems, including Insight, AT&T Broadband, Time Warner Cable, Cox Communications and Mediacom. For more information, visit G4’s website at www.G4TV.com.

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. 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.

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For more information on IMTS, please visit our website 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.