EXHIBIT 17.1

Mr. Mitchell H. Cushing
New York,  NY 10005

WAMEX Holdings, Inc.
61 Broadway

Suite 2805
New York, NY 10004

Subject: Letter of Resignation

To the Board of Directors,

            Gentleman,   it  is  with  the  deepest  regret,  that  I  have  the
unfortunate  task of tendering my  resignation  as Chairman and Chief  Executive
Officer of the company effective 9:00 A.M. Monday October 11th, 2000. My reasons
are respectfully personal in nature.

My time with the company has left me with the utmost  appreciation of the effort
involved  in our  endeavor.  I remain at the  service  of the  company  and it's
shareholders and will assist in every way possible in the effort to succeed.

I wish you and all our shareholders the greatest success in the future.

Thank you.

Sincerely,


/s/Mitchell H. Cushing
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Mitchell H. Cushing
Chairman/CEO