Controversial multi level marketing firm YTB International reports J. Scott Tomer submitted his resignation as Executive Vice President and Chairman of the Board of Directors of YTB International, Inc.
The resignation was effective August 31, according to a filing with the Securities and Exchange Commission (SEC).
Tomer's resignation also extended to each position previously held by him with each of the company's wholly-owned subsidiaries. YTB said it has no current plans to replace Tomer and that the Board of Directors will appoint a new chairman at its next meeting.
YTB also said a proposed 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. YTB said it has ended its discussions with LTS about a possible merger transaction.
YTB has yet to file its annual financial report with the SEC.