INDIANAPOLIS, June 22, 2004 (PRIMEZONE) -- Interactive Motorsports and Entertainment Corporation (OTCBB:IMTS) received confirmation that the company no longer is listed on the Berlin-Bremen Stock Exchange effective the end of business on June 21, 2004, it was announced today by William R. Donaldson, Chairman and CEO of IMTS.
The company was listed on the Berlin-Bremen Exchange beginning on March 12, 2004, without knowledge or authorization from IMTS management. Management recently became aware of the German listing, and also learned of the widespread concern among many other OTCBB companies of the potential of "naked short selling" on the German exchange.
"Because it is not clear to us the motive behind listing IMTS on the Berlin-Bremen Exchange without authorization or notice, we felt it to be in the shareholders' best interest to delist from the exchange immediately," said Donaldson.
For more information on IMTS, visit www.SMSonline.com
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.