UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934

 

Whitney Information Network, Inc.

------------------------------------------

(Name of Issuer)

 

COMMON STOCK, NO par value per share

-------------------------------------

(Title of Class of Securities)

 

966621104

---------

(CUSIP Number)

 

Murray A. Indick

Prides Capital Partners, L.L.C.

200 High Street, Suite 700

Boston, MA 02110

(617) 778-9200

-------------------

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

December 13, 2005

-----------------

(Date of Event which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box o.

 

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

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1. NAME OF REPORTING PERSON

Prides Capital Partners, L.L.C.

 

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

20-0654530

 

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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) []

(b) x

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3. SEC USE ONLY

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4. SOURCE OF FUNDS*

See Item 3

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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e) o

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6. CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

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7. SOLE VOTING POWER

-0-

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8. SHARED VOTING POWER

 

1,100,000**

 

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9. SOLE DISPOSITIVE POWER

-0-

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10. SHARED DISPOSITIVE POWER

 

1,100,000**

 

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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,100,000**

 

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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES o

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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

9.95%**

 

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14.

TYPE OF REPORTING PERSON

OO ( Limited Liability Company)

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** See Item 5

 

 

 

 

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

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1. NAME OF REPORTING PERSON

Kevin A. Richardson, II

 

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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) []

(b) x

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3. SEC USE ONLY

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4.

SOURCE OF FUNDS*

See Item 3

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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e) o

-----------------------------------------------------------------------

6. CITIZENSHIP OR PLACE OF ORGANIZATION

USA

-----------------------------------------------------------------------

7. SOLE VOTING POWER

-0-

-----------------------------------------------------------------------

8. SHARED VOTING POWER

 

1,100,000**

 

-----------------------------------------------------------------------

9. SOLE DISPOSITIVE POWER

-0-

-----------------------------------------------------------------------

10. SHARED DISPOSITIVE POWER

1,100,000**

-----------------------------------------------------------------------

11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,100,000**

 

-----------------------------------------------------------------------

12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES o

-----------------------------------------------------------------------

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

9.95%**

 

-----------------------------------------------------------------------

14.

TYPE OF REPORTING PERSON

OO ( Limited Liability Company)

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** See Item 5

 

 

 

 

 

 

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

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1. NAME OF REPORTING PERSON

Henry J. Lawlor, Jr.

 

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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) []

(b) x

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3. SEC USE ONLY

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4. SOURCE OF FUNDS*

See Item 3

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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e) o

-----------------------------------------------------------------------

6. CITIZENSHIP OR PLACE OF ORGANIZATION

 

USA

 

-----------------------------------------------------------------------

7. SOLE VOTING POWER

-0-

-----------------------------------------------------------------------

8. SHARED VOTING POWER

 

1,100,000**

 

-----------------------------------------------------------------------

9. SOLE DISPOSITIVE POWER

-0-

-----------------------------------------------------------------------

10. SHARED DISPOSITIVE POWER

 

1,100,000**

 

-----------------------------------------------------------------------

11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,100,000**

 

-----------------------------------------------------------------------

12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES o

-----------------------------------------------------------------------

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

9.95%**

 

-----------------------------------------------------------------------

14.

TYPE OF REPORTING PERSON

IN

-----------------------------------------------------------------------

** See Item 5

 

 

 

 

 

 

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

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1. NAME OF REPORTING PERSON

Murray A. Indick

 

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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) o

(b) x

-----------------------------------------------------------------------

3. SEC USE ONLY

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4. SOURCE OF FUNDS*

See Item 3

-----------------------------------------------------------------------

5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e) o

-----------------------------------------------------------------------

6. CITIZENSHIP OR PLACE OF ORGANIZATION

 

USA

 

-----------------------------------------------------------------------

7. SOLE VOTING POWER

-0-

-----------------------------------------------------------------------

8. SHARED VOTING POWER

 

1,100,000**

 

-----------------------------------------------------------------------

9. SOLE DISPOSITIVE POWER

-0-

-----------------------------------------------------------------------

10. SHARED DISPOSITIVE POWER

 

1,100,000**

 

-----------------------------------------------------------------------

11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,100,000**

 

-----------------------------------------------------------------------

12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES o

-----------------------------------------------------------------------

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

9.95%**

-----------------------------------------------------------------------

14. TYPE OF REPORTING PERSON

IN

-----------------------------------------------------------------------

** See Item 5

 

 

 

 

 

 

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

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1. NAME OF REPORTING PERSON

Charles E. McCarthy

 

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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) []

(b) x

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3. SEC USE ONLY

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4. SOURCE OF FUNDS*

See Item 3

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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e) o

-----------------------------------------------------------------------

6. CITIZENSHIP OR PLACE OF ORGANIZATION

 

USA

 

-----------------------------------------------------------------------

7. SOLE VOTING POWER

-0-

-----------------------------------------------------------------------

8. SHARED VOTING POWER

 

1,100,000**

 

-----------------------------------------------------------------------

9. SOLE DISPOSITIVE POWER

-0-

-----------------------------------------------------------------------

10. SHARED DISPOSITIVE POWER

1,100,000**

-----------------------------------------------------------------------

11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,100,000**

 

-----------------------------------------------------------------------

12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES o

-----------------------------------------------------------------------

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

9.95%**

 

-----------------------------------------------------------------------

14.

TYPE OF REPORTING PERSON

IN

-----------------------------------------------------------------------

** See Item 5

 

 

 

 

 

 

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

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1. NAME OF REPORTING PERSON

Christian Puscasiu

 

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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) o

(b) x

-----------------------------------------------------------------------

3. SEC USE ONLY

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4. SOURCE OF FUNDS*

See Item 3

-----------------------------------------------------------------------

5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e) o

-----------------------------------------------------------------------

6. CITIZENSHIP OR PLACE OF ORGANIZATION

 

USA

 

-----------------------------------------------------------------------

7. SOLE VOTING POWER

-0-

-----------------------------------------------------------------------

8. SHARED VOTING POWER

 

1,100,000**

 

-----------------------------------------------------------------------

9. SOLE DISPOSITIVE POWER

-0-

-----------------------------------------------------------------------

10. SHARED DISPOSITIVE POWER

1,100,000**

-----------------------------------------------------------------------

11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,100,000**

 

-----------------------------------------------------------------------

12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES o

-----------------------------------------------------------------------

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

9.95%**

 

-----------------------------------------------------------------------

14.

TYPE OF REPORTING PERSON

IN

-----------------------------------------------------------------------

** See Item 5

 

 

 

 

 

 

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

Page 8 of 13

 

Item 1. Security and Issuer

----------------------------

 

This Schedule 13D relates to shares of Common Stock, NO par value per share (the “Common Stock") of Whitney Information Network, Inc., a Colorado corporation (the "Issuer"). The principal executive office and mailing address of the Issuer is 1612 E. Cape Coral Parkway, Suite A, Cape Coral, Florida 33904.

 

Item 2. Identity and Background

--------------------------------

 

This Schedule 13D is being filed by Prides Capital Partners, L.L.C. a Delaware limited liability company, Kevin A. Richardson, II, Henry J. Lawlor, Jr., Murray A. Indick, Charles E. McCarthy and Christian Puscasiu.

 

Prides Capital Partners, L.L.C. is a Delaware limited liability company whose principal business is acting as general partner for an investment partnership and providing investment advisory services.

 

The principal business office address of Prides Capital Partners, L.L.C. is 200 High Street, Suite 700, Boston, MA 02110. The names of the executive officers and directors of Prides Capital Partners, L.L.C., their addresses, citizenship and principal occupations are as follows:

 

Principal  
Name and     Occupation  
Office Held Business Address Citizenship or Employment  

       
       

 

Kevin A. Richardson, II 200 High Street, Ste 700   Partner  

Partner

Boston, MA 02110

USA

Prides Capital

 

 

 

Partners, L.L.C.

 

 

Henry J. Lawlor, Jr. 200 High Street, Ste 700   Partner  

Partner

Boston, MA 02110

USA

Prides Capital

 

 

 

Partners, L.L.C.

 

 

Murray A. Indick 200 High Street, Ste 700   Partner  

Partner

Boston, MA 02110

USA

Prides Capital

 

 

 

Partners, L.L.C.

 

 

Charles E. McCarthy 200 High Street, Ste 700   Partner  

Partner

Boston, MA 02110

USA

Prides Capital

 

 

 

Partners, L.L.C.

 

 

Christian Puscasiu 200 High Street, Ste 700   Partner  

Partner

Boston, MA 02110

USA

Prides Capital

 

 

 

Partners, L.L.C.

 

 

 

 

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

 

To the best knowledge of the Reporting Persons, none of the entities or persons identified in this Item 2 has, during the past five years, been convicted of any criminal proceeding (excluding traffic violations or similar misdemeanors), nor been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

Item 3. Source and Amount of Funds or Other Consideration

----------------------------------------------------------

 

The source of funds for the purchases of securities was the working capital of the limited partnership for which Prides Capital Partners, L.L.C. serves as the sole general partner.

 

Item 4. Purpose of Transaction

----------------------------------------------------------

 

The Issuer reported, in a press release dated December 13, 2005, that it had completed the sale of units of common stock and warrants. The Reporting Persons purchased 1,100,000 shares and received 550,000 warrants in the offering, pursuant to a Securities Purchase Agreement (Exhibit B). The shares of common stock are presently not registered with the Securities and Exchange Commission, but the Issuer executed a Registration Rights Agreement in connection with the investment providing for, among other things, the registration of the shares (Exhibit C). The Warrant is attached as Exhibit D. In connection with the investment, the Issuer agreed to cause one person designated by the Reporting Persons to become a director of the Issuer and continuing so long as the Reporting Persons own five percent or more of the Issuer’s outstanding voting shares, and agreed to certain other provisions as set forth in a Stockholders Agreement (Exhibit E).

 

The purpose of the acquisition of the Common Stock is for investment, and the acquisitions of the Common Stock were made in the ordinary course of business and were not made for the purpose of acquiring control of the Issuer.

 

Although no Reporting Person has any specific plan or proposal to acquire or dispose of the Common Stock, consistent with its investment purpose, each Reporting Person at any time and from time to time may acquire additional Common Stock or dispose of any or all of its Common Stock depending upon an ongoing evaluation of the investment in the Common Stock, prevailing market conditions, other investment opportunities, liquidity requirements of the Reporting Persons, and/or other investment considerations.

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

 

 

Also, consistent with the investment purpose, the Reporting Persons may engage in communications with one or more shareholders of the Issuer, one or more officers of the Issuer and/or one or more members of the board of directors of the Issuer and/or one or more representatives of the Issuer regarding the Issuer, including but not limited to its operations. The Reporting Persons may discuss ideas that, if effected may result in any of the following: the acquisition by persons of additional Common Stock of the Issuer, an extraordinary corporate transaction involving the Issuer, and/or changes in the board of directors or management of the Issuer.

 

Except to the extent the foregoing may be deemed a plan or proposal, none of the Reporting Persons has any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto.

 

 

Item 5. Interest in Securities of the Issuer

---------------------------------------------

 

(a),(b) According to the Issuer’s 10-Q filed on November 21, 2005 and the 8-K filed on December 13, 2005, there were 11,054,910 shares of Common Stock issued and outstanding as of December 13, 2005. Based on such information, after taking into account the transactions described in Item 5(c) below, the Reporting Persons report beneficial ownership of 1,100,000 shares of Common Stock, representing 9.95% of common stock outstanding, held by Prides Capital Partners, L.L.C. Voting and investment power concerning the above shares are held solely by Prides Capital Partners, L.L.C.

 

Although Kevin A. Richardson, II, Henry J. Lawlor, Jr., Murray A. Indick, Charles E. McCarthy and Christian Puscasiu are joining in this Schedule as Reporting Persons, the filing of this Schedule shall not be construed as an admission that any of them are, for any purpose, the beneficial owner of any of the securities that are beneficially owned by Prides Capital Partners, L.L.C.

 

(c) The Reporting Persons have engaged in no transaction involving shares of Common Stock in the last 60 days, other than the transaction described in Item 4 above.

 

 

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

 

 

(d) and (e) Not applicable.

 

Item 6. Contracts, Arrangements, Understandings or Relationships with

Respect to Securities of the Issuer

-----------------------------------------------------------------------

 

None of the Reporting Persons is a party to any contract, arrangement, understanding or relationship with respect to any securities of the Issuer, including but not limited to the transfer or voting of any securities of the Issuer, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies, except, as disclosed in Item 4 above, for the agreements filed as Exhibit B, C, D, and E hereto.

 

Item 7. Material to be Filed as Exhibits

-----------------------------------------

Exhibit A

Joint Filing Undertaking

 

Exhibit B

Securities Purchase Agreement

Exhibit C

Registration Rights Agreement

Exhibit D

The Warrant

 

Exhibit E

Stockholders Agreement

 

 

 

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

 

 

SIGNATURES

 

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

 

Dated: December 21, 2005

 

Prides Capital Partners, L.L.C.

 

By:

/s/ Murray A. Indick

------------------------

Murray A. Indick

Managing Member

 

 

 

 

By:

Kevin A Richardson, II

 

 

/s/ Murray A. Indick

By:

/s/ Murray A. Indick

 

------------------------

------------------------

Murray A. Indick

Murray A. Indick

 

 

Attorney-in-Fact

 

 

 

Henry J. Lawlor, Jr.

Charles E. McCarthy

 

By:

/s/ Murray A. Indick

By:

/s/ Murray A. Indick

 

 

------------------------

------------------------

 

Murray A. Indick

By: Murray A. Indick

 

 

Attorney-in-Fact

Attorney-in-Fact

 

 

 

Christian Puscasiu

 

By:

/s/ Murray A. Indick

 

 

------------------------

 

Murray A. Indick

 

 

Attorney-in-Fact

 

 

 

 

 

CUSIP NO. 966621104

SCHEDULE 13D

 

 

 

Exhibit A

JOINT FILING UNDERTAKING

 

The undersigned, being duly authorized thereunto, hereby execute this

agreement as an exhibit to this Schedule 13D to evidence the agreement of the below-named parties, in accordance with the rules promulgated pursuant to the Securities Exchange Act of 1934, to file this Schedule jointly on behalf of each such party.

 

Dated: December 21, 2005

 

Prides Capital Partners, L.L.C.

 

By:

/s/ Murray A. Indick

------------------------

Murray A. Indick

Managing Member

 

 

 

 

By:

Kevin A Richardson, II

 

 

/s/ Murray A. Indick

By:

/s/ Murray A. Indick

 

------------------------

------------------------

Murray A. Indick

Murray A. Indick

 

 

Attorney-in-Fact

 

 

 

Henry J. Lawlor, Jr.

Charles E. McCarthy

 

By:

/s/ Murray A. Indick

By:

/s/ Murray A. Indick

 

 

------------------------

------------------------

 

Murray A. Indick

By: Murray A. Indick

 

 

Attorney-in-Fact

Attorney-in-Fact

 

 

 

Christian Puscasiu

 

By:

/s/ Murray A. Indick

 

 

------------------------

 

Murray A. Indick

 

 

Attorney-in-Fact