Five Mall Racing Center Conversions Completed On Schedule

FIVE MALL RACING CENTER CONVERSIONS WITH CHECKER FLAG LIGHTNING COMPLETED ON 
SCHEDULE

	INDIANAPOLIS (July 19, 2004) – Interactive Motorsports and Entertainment 
Corporation (OTCBB:IMTS) Chairman and CEO William R. Donaldson reported 
today that five mall conversions are completed with Checker Flag Lightning.
The mall racing centers that have converted to Checker Flag Lightning, under 
the terms of the lease assignment and revenue share agreement between 
Checker Flag Lightning and IMTS’ wholly owned subsidiary Perfect Line, Inc. 
announced on March 23, are Concord Mills, Concord, NC (May 20), Opry Mills, 
Nashville, TN (June 11), Katy Mills, Katy, TX (June 25), Mall of Georgia, 
Buford, GA (July 13) and Riverchase Galleria, Birmingham, AL (July 15).
Of the remaining two mall racing centers to convert under the agreement, the 
company has notified Woodfield Mall, Schaumburg, IL of its right to 
terminate that lease on July 31, 2004, and six of the race simulators are 
scheduled to be installed in September into a new Checker Flag Lightning 
mall site at Gurnee Mills, Gurnee, IL (located off of I-94 between Chicago 
and Milwaukee, WI).  Negotiations are still underway with regard to the 
final racing center conversion at the Palisades Center, West Nyack, NY.
Checker Flag Lightning is also on schedule to open its mall merchandise and 
racing center on August 4 at the new Jordan Creek Town Center in West Des 
Moines, Iowa.  The site will include 8 of the company’s race cars simulators 
under a revenue share agreement.