NASCAR Silicon Motor Speedway Operator Gets Five-Year NASCAR License Extension
NASCAR SILICON MOTOR SPEEDWAY OPERATOR GETS EXCLUSIVE FIVE-YEAR NASCAR LICENSE EXTENSION INDIANAPOLIS (July 24, 2003) – Perfect Line, Inc. the operator of NASCAR Silicon Motor Speedway, has secured a five-year extension on its category exclusive NASCAR license and will now enjoy the benefits of being a NASCAR licensee through 2009. The extension was announced by William R. Donaldson, Chairman and CEO of Interactive Motorsports and Entertainment Corp. (OTCBB: IMTS). Perfect Line, Inc., a wholly-owned subsidiary of IMTS, owns and operates the unique NASCAR Silicon Motor Speedway mall-based racing centers. Perfect Line has extended its license agreement with NASCAR through December of 2009. Under the terms of the exclusive NASCAR license for location-based entertainment, Perfect Line also has the right to use the NASCAR bar logo within the Silicon Motor Speedway name and logo to brand each racing center, and to use for all marketing of the racing centers, use within collateral sales materials, on its website, on merchandise and within racing simulator software. The license renewal extends those rights to operator-assisted revenue-share locations such as entertainment centers and theme parks where NASCAR Silicon Motor Speedway racing simulators are in use. “The license with NASCAR is the basis upon which Perfect Line operates the current 13 NASCAR Silicon Motor Speedway locations,” said Donaldson. “We are excited about the potential growth of this NASCAR branded business just as NASCAR’s popularity continues to grow both domestically and internationally.” 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. -30- 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; email, InvestorRelations@SMSonline.com Investor Relations on the Web: http://www.SMSonline.com/company/inv_rel_index.asp _________________________________________________________________ The new MSN 8: smart spam protection and 2 months FREE* http://join.msn.com/?page=features/junkmail