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| YTBLA.OB > SEC Filings for YTBLA.OB > Form 8-K on 26-Nov-2008 | All Recent SEC Filings |
26-Nov-2008
Entry into a Material Definitive Agreement, Financial Statements and Exhi
As previously reported on November 14, 2008, a subsidiary of YTB International, Inc. (the "Company") entered into an offer to purchase with Espectra Aviation Inc. ("Espectra") to sell a 1980 Learjet 35A aircraft (the "Aircraft"). The Company and Espectra were not able to agree on a final purchase agreement and the transaction was cancelled with the deposit being returned to Espectra. Effective November 21, 2008, a subsidiary of the Company entered into an offer to purchase with Petebridge, LLC ("Petebridge") to sell the Aircraft. The stated offer price is $1,095,000 of which $100,000 will be deposited by Petebridge to be held in escrow until the closing. The closing of the offer is contingent upon a satisfactory inspection of the Aircraft and the execution of a mutually agreeable purchase agreement between the parties.
Effective as of November 24, 2008, the Company entered into a purchase and sale agreement with WR Landing, LLC (the "Buyer") to sell approximately 10 acres of raw land located in the vicinity of the Company's headquarters in Madison County, Illinois. The purchase price of $1,000,000 was paid by way of a $500,000 cash payment and a noninterest bearing $500,000 principal amount promissory note, payable by the Buyer in 120 days. The Company filed a mortgage to secure the payment obligation of the Buyer with respect to the promissory note.
(d) Exhibits.
No. Description 10.1 Offer to Purchase Aircraft, dated November 21, 2008 . 10.2 Purchase and Sale Agreement, dated November 24, 2008 |
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