SMI, NASCAR Silicon Motor Speedway Renew Licensing Agreement
NASCAR SILICON MOTOR SPEEDWAY RENEWS LICENSE AGREEMENT WITH SPEEDWAY MOTORSPORTS, INC., FOR RACE TRACK SIMULATORS INDIANAPOLIS (August 7, 2003) – NASCAR Silicon Motor Speedway and Speedway Motorsports, Inc., (SMI) have renewed a licensing agreement that will permit simulated NASCAR Winston Cup Series racing on SMI-owned race tracks at NASCAR Silicon Motor Speedway locations for the next four years. William R. Donaldson, Chairman and CEO of Interactive Motorsports and Entertainment Corp. (OTCBB:IMTS), announced that SMI has agreed to the continued use of its properties in the NASCAR Silicon Motor Speedway racing centers through the end of 2007. Perfect Line, Inc., a wholly-owned subsidiary of IMTS, owns and operates NASCAR Silicon Motor Speedway. SMI properties currently featured at NASCAR Silicon Motor Speedway locations are Bristol Motor Speedway, Atlanta Motor Speedway and Lowe’s Motor Speedway. Perfect Line plans to develop several more SMI tracks during the term of the license. 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. About Speedway Motorsports, Inc. Debuting on Wall Street in February, 1995, Speedway Motorsports, Inc., became the first motorsports company to be publicly traded on the New York Stock Exchange. Founded and managed by O. Bruton Smith, chief executive officer and chairman of the board, Speedway Motorsports is a leading marketer and promoter of motorsports entertainment in the United States. The Company has one of the largest total permanent speedway seating capacities in the motorsports industry. -30- 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 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 dependence 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 _________________________________________________________________ Tired of spam? Get advanced junk mail protection with MSN 8. http://join.msn.com/?page=features/junkmail