IMTS Subsidiary Partners with Elan Motorsports for Next Generation Simulators

IMTS Subsidiary Partners With Elan Motorsports
To Produce Next Generation Simulators

      INDIANAPOLIS (December 18, 2003) - Race Car Simulatorsä, a 
wholly-owned subsidiary of Interactive Motorsports and Entertainment 
Corporation (OTC BB: IMTS), has partnered with one of the premier race car 
manufacturers in the world, Elan Motorsports Technologies (EMT), to produce 
and assemble the company’s patented next generation auto racing simulators.

    The next generation simulators include new state-of-the-art design 
upgrades featuring the latest image generators and projectors, upgraded 
video cards and a software upgrade to the Linux operating system.  In 
addition, the upgrades will streamline operations with fewer computers 
required for each simulator, resulting in cost reductions for the company.

     "These improvements will bring the Company's already market-leading 
technology to a new level of simulated racing excitement," stated William R. 
Donaldson, Chairman and CEO of IMTS.   "With the excitement and results 
generated by our recent exhibit at the International Association of 
Amusement Parks and Attractions (IAAPA) convention in Orlando, we feel very 
confident that we will keep Elan busy for the foreseeable future," added 
Donaldson.

    EMT, located in Braselton, GA, is a multi-faceted engineering and 
manufacturing company that, among other endeavors, designs and builds race 
cars.  EMT subsidiary, Panoz G-Force, designed and built the winning chassis 
for the 2003 Indianapolis 500 and 2003 Indy Racing League, and other EMT 
subsidiaries are currently building the next-generation car for the Star 
Mazda Series and the new STRANA Super Truck.

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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 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

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