The Wyncrest Group and HomeFree-USA to Tackle Homeownership Initiative
November 02 2009 - 8:30AM
PR Newswire (US)
CHICAGO, Nov. 2 /PRNewswire-FirstCall/ -- The Wyncrest Group, Inc.
(Pink Sheets: WNCG), a leader in niche insurance and financial
products and services today announced its plans to expand its
efforts assisting homeowners. Through a public/private partnership
initiative, Wyncrest and HomeFree-USA will increase the success
rate for homeownership of underserved communities in the U.S. With
the delivery of essential financial skills and capabilities, the
companies believe its clients will be enabled to build and sustain
appropriate levels of wealth that have so far eluded them. By
providing pre-purchase counseling and education and post-purchase
follow-up, HomeFree-USA has maintained a zero foreclosure rate
among its members. Keith Lanzara, President of the Wyncrest Group,
commented, "Building on the initiative that HomeFree-USA has
established we hope to assist more Americans in achieving and
preserving the wealth associated with homeownership." About The
Wyncrest Group 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) and
Wyncrest Offshore Services. SFG has been in business for 21 years,
has 18,000 clients, and sells through 85 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. 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. Through its Wyncrest Offshore Services
Division, the Company is expanding into the growing offshore
insurance and reinsurance market by offering a variety of services
and products, including a liability program for helicopter flight
training schools and non-owner helicopter pilots, and a line of
Warranty Service Policies operating as a controlled foreign
corporation. 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. About HomeFree-USA
Established in 1995, HomeFree-USA is a leading HUD-approved
501(c)(3) not-for-profit homeownership development, foreclosure
intervention and financial empowerment organization. By providing
information, inspiration and motivation, HomeFree-USA increases the
homeownership success and financial skills and capabilities of
working class families thereby placing them on the road to
financial self-sufficiency and building wealth. Through
Homeownership Centers in metropolitan Washington, DC, Atlanta,
Kansas City, and West Palm Beach and more than 80 affiliated
community-based housing counseling agencies, the HomeFree-USA
NonProfit Partner Network represents more than 1.5 million
homebuyers and homeowners nationwide. 92% of HomeFree-USA
homebuyers are approved for mortgages and 90% of at-risk homeowners
are helped with a workout plan. 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.
Investor Relations: 9654 West 131st Street, 1-630-215-5171 Suite
215 Palos Park, IL 60464 http://www.wyncrestgroupinc.com/
DATASOURCE: Wyncrest Group, Inc. CONTACT: Investor Relations,
Wyncrest Group, Inc., +1-630-215-5171, Web Site:
http://www.wyncrestgroupinc.com/
Copyright