PALOS PARK, Ill., June 2 /PRNewswire-FirstCall/ -- Wyncrest Group, Inc. (Pink Sheets: WNCG) is pleased to provide shareholders with an update on the Company's growing financial services organization. Wyncrest Group is generating substantial revenue from its profitable insurance and financial services business, identifying opportunities to increase sales and improve profitability, and acquiring other established financial services companies. Southwest Financial Group, a wholly owned subsidiary, is a trusted provider of insurance and financial products with more than 22,000 clients and 285 representatives nationwide.
Wyncrest Group's Southwest Financial Group subsidiary has been serving customers for more than 15 years. The McKinney, Texas-based company generates ongoing revenue and net income from multiple lines of business including complete Retirement Planning, Estate Planning, Life Insurance, Long Term Care Insurance, Mortgage Insurance, Employee Group Benefits, Sports Insurance, Student Insurance, Debt Reduction and Mortgage Purchasing & Refinancing. With an expert management team and skilled national sales network comprised of 85 career sales agents and 200 representatives, Southwest Financial Group has earned the business of more than 22,000 clients.
For the year ended December 31st, 2009, Southwest Financial Group generated $7,008,307 in revenue and $1,191,835 in gross profit.
In 2009, Southwest Financial Group acquired the strategic business resources of Whatabiz, Inc. with more than 200 agents in the Chicago area. The division is focused on increasing Single Annuity Premium and Life Insurance Premium sales.
Earlier this month Wyncrest Group announced that it has signed a non-disclosure and non-circumvent agreement with State Continuing Education Inc. (StateCE), a profitable provider of continuing education programs. StateCE delivers on-demand access to continuing education courses for ten professions and trades including insurance professionals, realtors and mortgage representatives, serving more than 70,000 customers nationwide.
Wyncrest's wholly owned Southwest Financial Group subsidiary is in discussions with State CE to explore ways to work together to provide a nationwide array of continuing education programs for Southwest Financial Group's expanding network of companies and personnel. These programs would be targeting Southwest Financial Group's licensed real estate professionals, mortgage loan officers and insurance agents.
Wyncrest Group is engaged in acquiring established insurance, financial services, real estate, mortgage and supporting businesses with ongoing revenue and proven expertise within their niche industries. The Company seeks out businesses that are profitable, run by strong management teams, offer good long-term viability and present exceptional growth potential. Wyncrest Group is currently negotiating for the acquisition of several high caliber companies.
Mr. William McFarland, Chairman of Wyncrest Group, commented: "Wyncrest Group is achieving growth via our strong insurance and financial services business. As we aggressively pursue acquisitions of undervalued financial services companies and tap into new market segments we believe Wyncrest Group can significantly increase revenue, market penetration and company value this year. We eagerly anticipate reporting on our pending acquisitions in the coming weeks."
About Wyncrest Group, Inc. (WNCG.PK)
Wyncrest Group, Inc. is a growing financial services organization. Wholly owned subsidiary Southwest Financial Group has been delivering trusted insurance products and financial services since 1994, serving more than 22,000 clients throughout the United States. By developing the growth potential within its existing businesses and acquiring companies with market share in lucrative financial segments Wyncrest Group is committed to increasing value for shareholders.
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. WNCG has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions.
These statements reflect WNCG's current beliefs and are based upon information currently available to it. Accordingly, such forward looking statements involve known and unknown risks, uncertainties and other factors which could cause WNCG's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. WNCG undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information catered in this press release including such forward-looking statements.
Wyncrest Group, Inc.
9654 West 131st Street
Palos Park, IL 60464 USA
SOURCE Wyncrest Group, Inc.