The Unabridged History of Winners and Losers

[Tatari Gami]

September Shareholder's Letter
http://www.winr.net/text/Inv-9-27-01.htm

September 27, 2001

Dear Shareholders,

I promised to provide monthly written updates about our efforts to improve the financial performance of Winners Internet Network, Inc. (the “Company”). Here’s the second report.

Overall Business

Overall business conditions have not changed.

Specific Issues

Liquidity

The Company’s liquidity situation has not changed. Visa sent some funds to us in September and we continue to fund current operations from the portion of those funds that represent our fees. Overall, our cash position continues to be sufficient to continue operations for a couple more months unless we find new investors. We’re continuing our efforts to find new investors and we have identified some possibilities. However, it is unlikely that they will invest.

SEC Investigation

The SEC investigation is ongoing. We had no contact with them this month. The ultimate outcome of this process and the impact on us remains highly uncertain.

Financial Statements

No change in status. No work is being done to prepare financial statements except that we are reviewing the records sent to us from the U.S. As indicated in the past, we’ll work diligently to prepare a good set of baseline financial statements after we’re confident that the customer base and revenue stream can be rebuilt.

Visa/UBS Card Contracts

We’re continuing our discussions with Visa concerning the new contract. The major issue affecting our business continues to be Visa/UBS’s position that they will hold funds due us for up to 180 days (due to the nature of our business, the businesses using our service and current customer base). That point will make it difficult for us to secure new customers. We do expect to sign the new contract with Visa soon. And as indicated before, we continue to build a database of potential customers for marketing and have had discussions with large potential customers. Once the Visa contract is signed, we can contract with new customers.

There are no changes to report concerning the status of SEC reporting, relisting, the management team, or the Board of Directors. I am planning to call a Board of Directors meeting for early October to discuss the future of the company. I should be able to report the results of that meeting in my October report.

This is the second monthly report. I’ll prepare another one in October or as soon as a significant development occurs.

Sincerely,

Stefan Vogt

Chief Executive Officer

Ruggell, Liechtenstein