YTB Completes Realignment of Management Team
- Company significantly reduces general overhead expense
WOOD RIVER, Ill., March 17 /PRNewswire-FirstCall/ -- YTB International, Inc. (OTC Bulletin Board: YTBLA) ("YTB" or the "Company"), a provider of E-commerce business solutions for individual consumers and home-based independent representatives in the United States, Puerto Rico, Bermuda, the Bahamas, the U.S. Virgin Islands, and Canada, is pleased to announce the Company has completed the restructuring of its management team in addition to significantly reducing general overhead expense.
The Company continues to operate through three subsidiaries: the new marketing entity ZamZuu, Inc. (formerly YTB Marketing, Inc.), YTB Travel Network, Inc., and YTB Franchise Services, Inc. J. Scott Tomer will continue to serve as Chairman of YTB, as well as Chief Executive Officer of ZamZuu, Inc. J. Kim Sorensen remains as Vice Chairman of YTB and President of YTB Travel Network, Inc. Robert M. Van Patten joined the Company on a full-time basis in October 2009 as Chief Executive Officer and President, and has been serving as Interim Chief Financial Officer of YTB since February 2010.
YTB reduced general overhead expense nearly $4.0 million in fiscal 2009 and since Van Patten's appointment, approximately $1.5 million in general overhead expense has been reduced in 2010.
J. Scott Tomer commented, "Bob's presence has been extremely impactful in terms of management realignment, reduction of corporate overhead, and the consolidation of legal, insurance, and other finance related expenses. As a result, the Company has been operating more efficiently and cost-effectively. Relying on Bob's leadership has allowed me to focus on the sales field and other marketing efforts which have already showed positive signs of a turnaround. We are very excited about the future of the Company."
About YTB International
YTB International, Inc. was recognized as the 25th largest seller of travel in the U.S. in Travel Weekly's 2009 Power List, based on 2008 annual retail value of travel services booked.
YTB provides E-commerce business solutions for individual consumers and home-based independent representatives in the United States, Puerto Rico, the Bahamas, Canada, Bermuda, and the U.S. Virgin Islands. The Company operates through three subsidiaries: ZamZuu, Inc. (formerly YTB Marketing, Inc.), YTB Travel Network, Inc., and YTB Franchise Services, Inc.
For more information about YTB International visit http://www.ytb.com or http://www.thefactsaboutytb.com.
Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the Company's actual results, see the Company's reports filed from time to time with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2008. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.
For: YTB International, Inc. |
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SOURCE YTB International, Inc.
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