CAPE CORAL, Florida – (BUSINESS WIRE) – April 16, 2002, 8:00 A.M., EDT – Whitney Information Network, Inc. (OTCBB: RUSS), a leading provider of continuing education programs designed to teach individuals how to create and protect wealth, today announced record sales and earnings for the year ending December 31, 2001.

For the year, sales reached $42.2 million, an increase of 29 percent over the previous year's sales of $32.6 million. Net income for the year was $2.5 million, for the year, or $0.33 per share, compared with a net loss of $8.7 million, or $(1.16) per share for the same period last year.

Chairman Russ Whitney said, “The economic downturn in 2001 provided little negative impact to Whitney Information Network, as we saw growth across all sectors of our business. As the economy improves, as it has in recent months, we expect to see more students utilizing our methods to learn how to achieve financial independence. We continue to exceed the aggressive internal targets we've set as a Company, in terms of top and bottom line growth, and believe sales growth in excess of 25 percent is achievable for 2002. Our focus on reducing operating costs and improving gross margins while growing sales has proven beneficial, as evidenced by our dramatic turn to profitability. With the launch of our United Kingdom subsidiary, Whitney UK, Limited, our International Finance and Investment Training in Costa Rica, and the Company's new stock market trading academy, set to debut at the end of this month, optimism for the future remains high. As we continue to build sales in 2002 and beyond, we expect to increase our profitability and enhance shareholder value going forward.”

“Our year-end cash position, as of December 31, 2001, more than doubled compared to the cash position at the end of the fiscal 2000, primarily attributable to cash from operations,” said Ronald S. Simon, the Company's Chief Financial Officer. “Management maintained a sharp focus on controlling costs while dramatically growing our sales, as evidenced by reductions in SG&A spending during the last year.”

Whitney Information Network, Inc. Reports

Whitney Information Network, Inc. has emerged as a leader in the post-secondary career training sector. Whitney is a fully integrated training and education company that creates, produces and markets a wide variety of training programs. Thousands of students register each month for training in real estate investment, personal finance and small business development. The Company 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 the Toronto suburb of Markham, Ontario and its United Kingdom subsidiary, Whitney UK, Limited is located in London, England.

The Company is listed on the Internet at www.russwhitney.com and its shares trade under the ticker symbol RUSS on the Electronic Bulletin Board.