The Wyncrest Group, Inc. Grows Sales Force by 59%, Further Diversifying its Operations and Adding Shareholder Value
November 06 2009 - 6:18PM
PR Newswire (US)
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 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. DATASOURCE: Wyncrest
Group, Inc. CONTACT: Investor Relations of The Wyncrest Group,
+1-630-215-5171, Web Site: http://www.wyncrestgroupinc.com/
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