Intelligent Motor Cars Group Eliminates $300K of Debt

FORT LAUDERDALE, Fla.--Feb. 2, 2005--Intelligent Motor Cars Group Inc. (OTCBB:IMTR) today announced the successful elimination of $300,000 of debt, in which the original lenders were satisfied through stock conversion.

Mike Magolnick, IMC's chief operating officer, stated: "The elimination of $300,000 of debt is part of our overall revamping of the Company. We have weathered the storm of the critical first 2 years as a public company and are now focusing on running a more efficient operation. We have enacted a variety of measures, including the elimination of the in-house service department, and have been able to reduce our monthly expenses from $80,000 to only $30,000."

About Intelligent Motor Cars Group Inc.

Intelligent Motor Cars Group Inc., through its wholly owned subsidiary, Intelligent Motor Cars Inc. d/b/a Sun Auto Sales and Leasing, is a diverse South Florida car company, which provides, among other services, sales, service, reconditioning and financing. In addition to retail sales, IMCG is also engaged in wholesale, auction and Internet programs to market and sell vehicles to the financially challenged consumer market.