Correction: The Wyncrest Group Plans Initiative With American Home Free Mortgage
November 17 2009 - 1:48PM
PR Newswire (US)
CHICAGO, Nov. 17 /PRNewswire-FirstCall/ -- The Wyncrest Group, Inc.
(Pink Sheets: WNCG), a leader in niche insurance and financial
products and services, today corrected a previous statement. In a
press release dated November 2, 2009, the company identified the
partner with whom it plans to expand its efforts assisting
homeowners as HomeFree USA rather than American Home Free Mortgage.
Wyncrest has never been involved in any talks of partnering with
HomeFree USA for strategic alliances or business cooperatives of
any kind and sincerely apologizes for the confusion. The Wyncrest
Group and American Home Free Mortgage intend to 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. American Home Free Mortgage is a licensed HUD Equal
Housing lender, providing homeowners with financing that
specifically fits their needs. All loans are processed from start
to finish at one location, thereby improving the quality control
and speed of the loan. About The Wyncrest Group (Pink Sheets: WNCG)
The Wyncrest Group is a publicly traded company based in Chicago,
Illinois, which provides insurance products and services through
its Southwest Financial Group subsidiary. Southwest Financial has
been in business for 21 years, has 22,000 clients, and sells
through 250 representatives nationwide. During 2008, approximately
$22 million in total insurance policy sales were generated,
resulting in $1.1 million of commission revenues. WNCG plans to
continue to grow Southwest Financial 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. 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. 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. The
Wyncrest Group, Inc. Investor Relations: 9654 West 131st Street,
Suite 215 1-630-215-5171 Palos Park, IL 60464
http://www.wyncrestgroupinc.com/ DATASOURCE: The Wyncrest Group
CONTACT: Investor Relations of The Wyncrest Group, Inc.,
+1-630-215-5171, Web Site: http://www.wyncrestgroupinc.com/
Copyright