CAPE CORAL, Fla.--(BUSINESS WIRE)--May 6, 2003--Whitney Information Network, Inc.(TM) (OTCBB:RUSS) explained today that its anticipated first quarter loss was a result of accounting rules which require the company to defer revenue received from students until they attend the course or the contract for the course expires. In fact, cash grew during the first quarter by $3.6 million to over $15 million. Deferred revenues (those that will be recognized in future periods) increased by $5.8 million to over $30 million.

The company reiterated that it is on target to meet its revenue and profit projections for 2003, which it believes will equal or exceed that of the prior year.

Whitney Information Network, Inc. is a provider of post-secondary career training programs designed to educate students in the areas of real estate investing, business development, asset protection and financial management. Whitney is a fully integrated training and education company that creates, produces and markets a wide variety of training programs. It maintains its International Corporate Headquarters in Cape Coral, Florida with its consulting group based in Salt Lake City, Utah. Its Canadian subsidiary, Whitney Canada, Inc., conducts its operations from Mississauga, Ontario and its United Kingdom subsidiary, Whitney UK, Ltd. is located in Chiswick, England. The Company is listed on the Internet at http://www.russwhitney.com and its shares trade under the ticket symbol RUSS on the Electronic Bulletin Board.

Information included in this news release contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995 ("Reform Act"). Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the actual results and performance of the Company to differ materially from any expected future results or performance, expressed or implied, by the forward-looking statements. In connection with the safe harbor provisions of the reform act, the Company has identified important factors that could cause actual results to differ materially from such expectations, including operating uncertainty, uncertainties relating to economic issues and competition. Reference is made to all of the Company's SEC filings, including the Company's Reports on Forms 10K, 10Q and other periodic reports.

    CONTACT: Whitney Information Network, Inc., Cape Coral
             Ron Simon, 239/542-8999

    SOURCE: Whitney Information Network, Inc.