IMTS Subsidiary Provides Corporate Growth Through Revenue Sharing Programs

INDIANAPOLIS--Dec. 1, 20039, 2003--The revenue sharing locations introduced in the second quarter of 2003 by Interactive Motorsports and Entertainment Corporation's wholly-owned subsidiary, Perfect Line, continue to create market interest and site growth for the Company's patented, motion-based simulator racing centers.

Since introduction of the revenue share model, the Company has opened 5 new locations around the country and is scheduled to open its 6th location in the 1st quarter of 2004.

"The response from the marketplace has been extremely encouraging and we're evaluating additional locations for 2004", stated William R. Donaldson, Chairman and CEO of IMTS. "The revenue sharing model eliminates the burden of occupancy and labor costs and reduces the financial risk significantly," added Donaldson.

Current Company Locations
          Company Owned:
          --------------                

     Locations        Market         Sq. Ft.               Simulators
     ---------        ------         -------               -----------
1.  Mall of America  Minneapolis, MN    5,899             12 Race Cars
2.  Concord Mills    Charlotte, NC      7,865             14 Race Cars
3.  Mall of Georgia  Atlanta, GA        5,895             12 Race Cars
4.  Katy Mills       Houston, TX        6,172             12 Race Cars
5.  Riverchase
    Galleria         Birmingham, AL     6,188             10 Race Cars
6.  Universal
    City Walk        Los Angeles, CA    5,000             12 Race Cars
7.  Opry Mills       Nashville, TN      6,007             12 Race Cars
8.  Woodfield Mall   Chicago, IL        6,111             12 Race Cars
9.  Palisades Center Nyack, NY          5,700             12 Race Cars

Revenue Shares:
--------------

   Locations          Market            Sq. Ft.             Simulators
   ---------          ------            -------             ----------
1.  NASCAR
    SpeedPark        Sevierville, TN    1,584              6 Race Cars
2.  Pavilion
    Ocean Front      Myrtle Beach, SC   2,600              5 Race Cars
3.  Cowboy Pizza     Monterey, CA         968              4 Race Cars
4.  RiverTown
    Crossing         Grand Rapids, MI   6,100              8 Race Cars
5.  NASCAR
    SpeedPark        St. Louis, MO      1,496              6 Race Cars
6.  Burdick
    Driver's Village Syracuse, NY       3,472              8 Race Cars

    Locations      Opened
    ---------      -------                     
1.  NASCAR         04/18/03
    SpeedPark 
2.  Pavilion       07/04/03
    Ocean Front 
3.  Cowboy Pizza   10/27/03
4.  RiverTown
    Crossing       11/5/03
5.  NASCAR
    SpeedPark      11/13/03
6.  Burdick
    Driver's Village (*)

(*)  Scheduled to open 1st quarter of 2004

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.