On August 31, 2014, L. Wayne Arnett resigned as executive vice president and chief financial officer and as a member of the board of directors of Amerityre Corporation. Mr. Arnett's resignation as a director was effective immediately, with his resignation as chief financial officer effective September 5, 2014. Mr. Arnett's resignation was not as a result of any disagreement with the company.

The company also announced that on September 5, 2014, the board of directors appointed Timothy L. Ryan principal financial officer and interim chief financial officer until such time as a permanent replacement can be appointed. Mr. Ryan will serve concurrently as the company's chief executive officer and principal financial officer without additional compensation.