EXHIBIT 17.2

Mr. Russell Chimenti

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 Director and Chief  Administrative  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/Russell Chimenti
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Russell Chimenti
Director/CAO