UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 25, 2004
Whitney Information Network, Inc.
(Exact name of Registrant as specified in charter)
Colorado
(State or other jurisdiction of incorporation)
| 000-27403 | 84-1475486 | |
| (Commission File Number) | (IRS Employee Identification No.) |
4818 Coronado Parkway
Cape Coral, Florida
(Address of principal executive offices)
33904
(Zip Code)
Registrant's telephone number, including area code: (239) 542-3401
(Former name or former address, if changed since last report)
On May 25, 2004, the Registrant paid in full a promissory note in the amount of $3,750,000 plus interest of $226,455 to Russell A. Whitney, its Chairman and Chief Executive Officer. The transaction, which was approved by the Registrant's independent directors, was determined to be in the best interests of the Registrant because the Registrant currently has significant cash reserves upon which it is earning a yield of less than 2% per annum while previously obligated to pay an interest rate on the promissory notes to Mr. Whitney in the amount of 7% per annum. The payoff of the promissory note would otherwise be due over a five year period terminating in 2009.
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WHITNEY INFORMATION NETWORK, INC. (Registrant) |
||||
Date: June 10, 2004 |
By: |
/s/ CHARLES MILLER Charles Miller, Chief Financial Officer |
||
3