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Winners Internet Network, Inc. Announces Status of Form 10 Registration Statement.
ST. AUGUSTINE, Fla.--(BUSINESS WIRE)--Aug. 13, 1999.
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Winners Internet Network, Inc. Announces Status of Form 10 Registration Statement
Friday August 13, 9:01 am Eastern Time

ST. AUGUSTINE, Fla.--(BUSINESS WIRE)--Aug. 13, 1999--David C. Skinner, Jr., President and CEO of Winners Internet Network, Inc. (WINR) releases the following information in response to the inquiries with legal counsel concerning the status of filing WINR's Form 10 registration statement.

Many contacts have been received by WINR directly and/or through its public relations firm wanting to know the current status of this filing. WINR, in-turn, contacted its representatives who are handling this filing through to completion. A written response has been received by WINR in answer to its inquiries and the correspondence is quoted below verbatim:

''You have contacted this office regarding the status of the Form 10 registration statement for Winner's Internet Network, Inc. (the ''Company''). We have received the Company's responses to our initial information requests and we are working to compile that information. Based on our current work load, and additional information required from other sources, we anticipate completing the Company's Form 10 by the end of October 1999, if not before.

''If we are successful in filing the Form 10 by October 1999, the registration statement will become effective within sixty days and the Company will be required to begin filing quarterly and annual reports with the Securities and Exchange Commission after that effective date. We hope this clarifies the status of the Company's Form 10.''

To clarify, WINR's interpretation of the entire Form 10 filing procedure was slightly inaccurate. Legal counsel maintains that the disclosures and documentation necessary to file was received from WINR in a timely manner to complete the filing in October as scheduled. A final audit and additional paperwork required is in the process of being completed. However, previously released earnings and revenues are entirely accurate and the filing was not delayed for any reason other than miscommunication with legal counsel and WINR's regrets any issues this has caused with shareholders. WINR's is moving forward with this filing and the NASDAQ application in an expeditious manner and will keep the financial community abreast of the status of each of these.

Information contained in this news release other than historical information should be considered forward-looking and is subject to various risk factors and uncertainties. For instance, the strategies and operations of Winners Internet Network, Inc. involve risks of competition, changing market conditions, changes in laws and regulations affecting these industries and numerous other factors discussed in this release. Accordingly, actual results may differ materially from those in any forward-looking statements.

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Contact:

Columbia Financial Group, Inc., 888/301-6271