CHICAGO, Nov. 6 /PRNewswire-FirstCall/ -- The Wyncrest Group (Pink Sheets: WNCG), a leader in niche insurance and financial products and services, announced that it grew the number of sales representatives by 59%. The company's wholly owned operating subsidiary, Southwest Financial Group (SFG), recruited an additional 50 agents from across the country to its sales force during the past month. The additional agents raise the total number of agents SFG contracts to approximately 135 people. The agents were contracted in order to meet the growing demand from the market and to further diversify its operations.
Increased demand for insurance and financial products that help individuals and families protect them as well as save more for retirement in the current economic environment contributed to the need for a larger sales force. Chris Zaal, President of SFG commented that, "Our group holds a competitive advantage in attracting talented professionals. The breadth of product offering and technology infrastructure available at SFG helps distinguish us and adds to shareholder value."
Wholly owned SFG has been in business for 21 years, has 18,000 clients, and sells through 100+ representatives nationwide. During 2008, approximately $22 million in total insurance policy sales were generated resulting is $1.1 million of commission revenues.
WNCG plans to continue to grow SFG through discounted acquisitions of competing agencies and applying its IT advantage with a U.S. patent pending automated business method for managing the acquired client books to improve policy renewal retention and up-selling. The company expects that this strategy will reduce cost of sales by half compared to traditional origination methods.
About The Wyncrest Group (WNCG.PK)
The Wyncrest Group is a publicly traded company based in Chicago, Illinois, which provides insurance products and services through its Southwest Financial Group subsidiary (SFG). WNCG is also in negotiations with several acquisition targets developed over an ongoing two-year campaign to find distressed agencies and consolidate contract assets under one lower cost platform. Royalty income is expected from licensing insurance products patented under a new category of business methods, a strategy taken only by a few in a new class of small innovative insurance companies leading the industry.
Contact: Investor Relations +1-630-215-5171 investor@wyncrestinc.com Wyncrest Group, Inc. 9654 West 131st Street, Suite 215 Palos Park, IL 60464 http://www.wyncrestgroupinc.com/
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 advise 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.
CONTACT: Investor Relations of The Wyncrest Group, +1-630-215-5171,
investor@wyncrestinc.com
Web Site: http://www.wyncrestgroupinc.com/
