The Unabridged History of Winners and Losers

[Tatari Gami]

April 2002 Shareholders' Letter (No March Letter)
http://www.winr.net/investors/Inv-4-4-02.htm

April 4, 2002

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 eighth report.

Overall Business

Overall business conditions have not changed since last months report.

Specific Issues

Liquidity

Our cash position is sufficient to sustain operations for the foreseeable future and we continue to work with the Company’s local bank to ensure access to our funds to meet operational needs.

SEC Investigation

The SEC investigation is ongoing. Discussions were held with SEC staff in March concerning completion of the process. Additional activity in this regard will take place this month. In the meantime we continue to respond to the SEC’s data request. The ultimate outcome of this process and the impact on us remains highly uncertain.

Financial Statements

No change in status.

Visa/UBS Card Contracts

The new contract with Visa has been signed. Marketing to potential new clients began mid-February and some prospects have been identified.

Winners Internet Network, Inc./CyberLink Monetary Systems

The Company continues to identify, evaluate and clarify contractual and operational relationships between the Company and CMS as well as the ownership structure of CMS. These activities are underway to ensure that the Company establishes and/or renews the appropriate contracts with CMS and to ensure that transactions between the two entities can be accounted for correctly going forward if, and when, the Company is in a position to resume normal financial accounting and reporting activities.

There are no changes to report concerning the status of SEC reporting, relisting, or the management team. One change took place concerning the Board of Directors – Dr. Reinhard Proksch resigned.

This is the eighth monthly report. I’ll prepare another one later this month or as soon as a significant development occurs.

Sincerely,

Stefan Vogt

Chief Executive Officer

Ruggell, Liechtenstein