IMTS Subsidiary Provides Corporate Growth Through Revenue Sharing Programs
Friday December 19, 4:05 pm ET
INDIANAPOLIS--(BUSINESS WIRE)--Dec. 19, 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.
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Current Company Locations
Company Owned:
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Locations Market Sq. Ft. Simulators
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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:
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Locations Market Sq. Ft. Simulators
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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
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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.
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Contact:
For: IMTS
Steve Wagoner, 800-766-2782
InvestorRelations@SMSonline.com
Investor Relations on the web:
smsonline.com |
