Press Release

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INDYCAR MSGM ProChallenge

Coming Feb. 9

This marks the video game company’s first virtual esports event with the NTT INDYCAR SERIES after entering into an exclusive partnership in July, 2021

MIAMI, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announces today, in conjunction with INDYCAR, North America’s premiere open-wheel racing series, the 2022 INDYCAR-Motorsport Games Pro Challenge, to be held on February 9, 2022. The challenge will feature current NTT INDYCAR SERIES drivers, including reigning champion Alex Palou, four-time Indianapolis 500 champion Helio Castroneves and two-time series champion Josef Newgarden. This marks the first official esports event since the parties entered into an exclusive agreement in July of 2021 for Motorsport Games to produce an INDYCAR virtual race series and debut a new INDYCAR game title expected to launch in 2023 on PlayStation, Xbox and PC.

Fans can tune in to watch the full program, starting with the pre-show at 6 p.m. EST. The green flag for both heats and the race will drop at 6:30 p.m. EST, with the race conclusion and interviews to take place thereafter at approximately 7:15 p.m.

“The 2022 INDYCAR-Motorsport Games Pro Challenge is our first foray into the world of esports with our new INDYCAR partners and we couldn’t be more excited to bring this competition to the fans,” said George Holmquist, Vice President of Marketing and Publishing at Motorsport Games. “Viewers can expect the same world-class experience as our other esports events, such as the highly renowned Le Mans Virtual Series, to be carried over into this new series. We are excited to continue producing live esports events with INDYCAR in the future, all leading up to our first INDYCAR game title expected to launch in 2023.”

“INDYCAR fans are a passionate, global audience hungry for quality motorsports gaming content,” said SJ Luedtke, Vice President of Marketing at INDYCAR. “With our partners at Motorsport Games, we are now able to bring those same fans a premier virtual esports experience, while also cultivating a new base of INDYCAR supporters and followers. We cannot wait for everyone to see the first-ever INDYCAR-Motorsport Games Pro Challenge this year and we are thrilled to keep producing these events in the many years to follow.”

The full roster of participating drivers and tracks will be announced prior to the final race. The format for each heat and the race will be as follows:

• Heat 1
  • 10 minute duration
  • Random draw starting grid
  • Points will be awarded
• Heat 2
  • 10 minute duration
  • Starting grid order to be the reverse of Heat 1
  • Points will be awarded
• Race
  • 20 minute duration
  • Starting grid order to be determined by points position after both heats
  • Double points will be awarded

The top three finishers will receive donations to a charity of their choice, with first place winning $10,000, second place $8,000, third place $5,000 and an entrant lottery of $2,500.

In addition to the Pro Challenge, rFactor 2 players will be able to participate in official INDYCAR events through the game's competition system, which has recently undergone a user interface overhaul for 2022. The new UI provides an easy to navigate interface that contains all of the options available to players to create an even more robust and authentic driving experience. Players can view a full breakdown of the added videos on Studio397’s website, linked here.      

In July of 2021, Motorsport Games and INDYCAR entered into an exclusive partnership to create and distribute INDYCAR video games, with the first game expected to be released in 2023. Together, the companies will create a brand new gaming franchise that has been eagerly anticipated by racing and gaming fans alike. After nearly two decades without a gaming title, the premier North American open wheel racing series will be back in people’s homes to play at any time.

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About Motorsport Games: 
Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”). Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. 

About INDYCAR:
INDYCAR is the Indianapolis-based governing body for North America's premier open-wheel auto racing series known as the NTT INDYCAR SERIES. The series features an international field of the world's most versatile drivers – including reigning series champion Alex Palou, six-time series champion Scott Dixon, two-time series champion Josef Newgarden and four-time and defending Indianapolis 500 winner Helio Castroneves - who compete on superspeedways, short ovals, street circuits and permanent road courses. The 2022 season consists of 17 races in the United States and Canada and is highlighted by the historic Indianapolis 500 presented by Gainbridge. The NTT INDYCAR SERIES, Indy Lights Presented by Cooper Tires, the Indianapolis Motor Speedway and IMS Productions are owned by Penske Corporation, a global transportation, automotive and motorsports leader. For more information on INDYCAR and the NTT INDYCAR SERIES, please visit www.indycar.com.

Forward-Looking Statements:
Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: (i) the Company’s expectations as to the timing of the virtual events; and (iii) the expected future impact of new or planned products, features, offerings or events, including, without limitation, the Company’s plans to debut a new INDYCAR game title expected to launch in 2023 on PlayStation, Xbox and PC and the timing of launching such products, features, offerings or events. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to the Company experiencing difficulties and/or delays in introducing new products and/or events or enhancing the quality of its product offerings that could negatively impact its future development plans, such as due to higher than anticipated costs incurred in developing, launching and continuing to enhance and improve such products and/or events and/or less than anticipated consumer acceptance of the Company’s products and/or events and/or difficulties, delays in or unanticipated events that may impact the timing and scope of new product launches and/or scheduled events, such as due to delays and higher than anticipated expenses related to the ongoing and prolonged COVID-19 pandemic and related economic lockdowns and government mandates; unanticipated operating costs, transaction costs and actual or contingent liabilities; adverse effects of increased competition; and unanticipated changes in consumer behavior, including as a result of general economic factors, such as increased inflation. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the SEC, which may be found at www.sec.gov and at ir.motorsportgames.com, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its Quarterly Reports on Form 10-Q filed with the SEC during 2021, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.

Website and Social Media Disclosure:
Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):

The contents of these websites and social media channels are not part of, nor will they be incorporated by reference into, this press release.

Investors:
Ashley DeSimone
Ashley.Desimone@icrinc.com

Press:
ASTRSK PR
motorsportgames@astrskpr.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bcfedc38-ec80-4fb6-a216-239641ca1f73