Scott Tomer Abruptly Resigns From YTB

Scott Tomer, has abruptly resigned his position with YTB.   According to an SEC filing submitted today:

On August 31, 2012, J. Scott Tomer submitted his resignation as Executive Vice President and Chairman of the Board of Directors of YTB International, Inc. (the “Company”), effective immediately.  Mr. Tomer’s resignation also extended to each position previously held by him with each of the Company’s wholly-owned subsidiaries.  The Company has no current plans to replace Mr. Tomer.  The Company’s Board of Directors will appoint a new Chairman at its next meeting.Additionally, the Board of Directors has backed completely away from the merger with LTS Neutraceuticals.

The Company has determined that, after further analysis and consideration, a merger with LTS Nutraceuticals, Inc. (“LTS”) is not in the best long-term interests of the stockholders and would not enhance the strategic or competitive stance of the Company.  Accordingly, the Company has ended its discussions with LTS about a possible merger transaction. Tomer's resignation marks the first time since it's inception that a Tomer has not had control of the company. Email ThisBlogThis!Share to TwitterShare to FacebookPosted byJohnat3:57 PM