YTB International sold its RezConnect Technologies subsidiary to Michael and Derek Brent, RezConnect's CEO and president, respectively.
According to a Securities and Exchange Commission filing on July 7, terms of the sale included an "indemnification of the Brents by YTB of any claims, losses and liabilities arising out of or in any way relating to the operations and business of YTB."
YTB agreed to "represent the Brents in any legal action that has occurred directly from actions of YTB business model in which the Brents and/or RezConnect have been sued by any third party."
RezConnect is a New Jersey-based travel technology company that powers booking engines for travel agency websites. It sold technology to YTB in YTB’s formative years.
RezConnect also owns the Travel Network franchise business.
From 1 to 5 of 9 Comment(s)
- July 11, 2009 - Gee I am sure glad that Travel Weakly continues to keep us informed of the going ons at this farce of a travel company.
- July 10, 2009 -I would think its an attempt to raise cash as well
- July 10, 2009 -Don't worry, if you do your research, IBM, Microsoft, had issues for many years and see them today. YTB is a SOLID company and their agents are NOT going to stick with them. The stock's has NOTHING to do with what we are worth, it's just a market shift that's all. Feel sorry for the people that do not understand the company.
- July 10, 2009 -Well, why buy at $0.09 when you can wait for it to go down to $0.01? What a fortune you'll make then if it ever goes back up over $0.50!!!
- July 10, 2009I would say guessing is trivial, just wait and see what happens with YTB, it will all unfold either good or bad, they either will rise or fall, by 2010, the writing will be in Travel Weekly.
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