PALOS PARK, Ill., May 25 /PRNewswire-FirstCall/ -- Wyncrest Group,
Inc. (Pink Sheets: WNCG), a growing financial services
organization, is working to acquire a profitable provider of online
continuing education programs. Wyncrest Group has agreements in
place to pursue the acquisition of State Continuing Education Inc.
(StateCE), which has delivered over 300,000 continuing education
courses to licensed professionals nationwide. Wyncrest Group
believes it will be able to create sales and marketing synergies
between StateCE and its wholly owned Southwest Financial Group
subsidiary. Wyncrest's Southwest Financial Group generated more
than $7 million in revenue last year
and has more than 22,000 customers.
Wyncrest Group has signed a non-disclosure and non-circumvent
agreement with StateCE and expects to close the acquisition by the
end of the third quarter of this year. 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. The company
was founded in 2001 and is based in Allen, Texas. The principals of StateCE have
over 30 years of combined experience in financial services and
continuing education and have delivered over 300,000 continuing
education courses to licensed professionals.
Wyncrest Group's first acquisition was Southwest Financial Group
based in McKinney, Texas.
Southwest Financial Group is a trusted provider of insurance and
financial products with more than 22,000 clients and 285
representatives nationwide. The company has been in business for
more than 15 years and provides a wide range of offerings including
life insurance, retirement and estate planning, long-term care,
employee group benefits, 403B retirement benefits, debt reduction,
alternative investments, and mortgage purchasing &
refinancing.
Wyncrest Group recently reported on the strong financial
performance of its growing financial services organization. For the
year ended December 31st, 2009,
Southwest Financial Group generated $7,008,307 in revenue and $1,191,835 in gross profit. The company
significantly decreased its cost of sales and increased gross
profit by 9.9% and expects to increase sales this year.
Mr. William McFarland, Chairman
of Wyncrest Group, commented: "StateCE is very successful at what
they do. The company has an extensive national marketing network,
established online presence, excellent management team and ongoing
revenue. Their team shares our commitment to providing the highest
quality service to customers and operates within many of the same
market segments. We believe we can create synergies between StateCE
and Southwest Financial Group that will enable both near and long
term growth for the Wyncrest organization."
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 1988, 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.
Contact:
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Wyncrest Group,
Inc.
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9654 West 131st
Street
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Suite 215
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Palos Park, IL 60464
USA
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Investor
Relations
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investor@wyncrestinc.com
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Tel:
630-215-5171
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SOURCE Wyncrest Group, Inc.