IMTS Pleased with Business Model Restructuring
Thursday April 15, 9:47 am ET
INDIANAPOLIS--(BUSINESS WIRE)--April 15, 2004--Interactive Motorsports and Entertainment Corporation (OTCBB:IMTS - News) Chairman and CEO William R. Donaldson released today the "new look" of the company under its business model restructuring plan that began in July of 2003.
"The Company's business model has changed from a mall-based, owned and operated structure to a focus on revenue share locations, mobile leases and equipment sales," stated Donaldson. "The new model eliminates the burden of occupancy and labor costs and reduces the financial risk significantly," added Donaldson.
Locations
Company Owned: (Total of 24 Simulators)
Location Market Sq. Ft. Simulators
1) Mall of America Minneapolis, MN 5,899 12 racecars
2) Universal CityWalk Los Angeles, CA 5,000 12 racecars
Revenue Share: (Total of 125 Simulators)
Location Market Sq. Ft. Simulators
1) Opry Mills Nashville, TN 6,007 12 racecars
2) Woodfield Chicago, IL 6,111 12 racecars
3) Palisades Center Nyack, NY 5,700 12 racecars
4) Concord Mills Charlotte, NC 7,865 14 racecars
5) Mall of Georgia Atlanta, GA 5,895 12 racecars
6) Katy Mills Houston, TX 6,172 12 racecars
7) Riverchase Galleria Birmingham, AL 6,188 10 racecars
8) NASCAR SpeedPark Sevierville, TN 1,584 6 racecars
9) Pavilion Ocean Front Myrtle Beach, SC 2,600 5 racecars
10) RiverTown Crossing Grand Rapids, MI 6,100 8 racecars
11) Cowboy Pizza Monterey, CA 968 4 racecars
12) NASCAR SpeedPark St. Louis, MO 1,496 6 racecars
13) Burdick Driver's
Village(1) Syracuse, NY 3,472 8 racecars
14) Playcenter(2) Sao Paulo, Brazil 1,000 4 racecars
(1) Scheduled to open in May, 2004
(2) Scheduled to open in July, 2004
Mobile Units: (Total of 8 Simulators)
1) Nextel Mobile
Experience 2003-05 NASCAR Nextel Cup
series events 6 racecars
2) Nextel Mini Mobile
Experience Various markets 2 racecars
Sales of Simulators#: (Total of 28 Simulators)
Buyer Market Simulators
1) Roltex Moscow, Russian Federation 8 racecars
2) Yello Properties London, United Kingdom 12 racecars
3) Tonne Mgmt Wisconsin Dells, WI 4 racecars
4) I-Vision Technologies Abu Dhabi, UAE 4 racecars
# Installations of the above simulators range from the summer of
2004 to first quarter of 2005
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.
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Contact:
For IMTS:
Steve Wagoner, 800-766-2782
InvestorRelations@SMSonline.com
or
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