Wyncrest Group to Acquire Profitable Online Continuing Education Provider
Poster: SySAdmin
Posted on May 25, 2010 at 6:14:01 AM
Wyncrest Group to Acquire Profitable Online Continuing Education Provider
PALOS PARK, Ill., May 25 -- 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:
Wyncrest Group, Inc.
9654 West 131st Street
Suite 215
Palos Park, IL 60464 USA
Investor Relations
investor@wyncrestinc.com
Tel: 630-215-5171
Source: Wyncrest Group, Inc.
CONTACT: Investor Relations of Wyncrest Group, Inc., +1-630-215-5171,
investor@wyncrestinc.com
Web Site: http://www.wyncrestgroupinc.com/
PALOS PARK, Ill., May 25 -- 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:
Wyncrest Group, Inc.
9654 West 131st Street
Suite 215
Palos Park, IL 60464 USA
Investor Relations
investor@wyncrestinc.com
Tel: 630-215-5171
Source: Wyncrest Group, Inc.
CONTACT: Investor Relations of Wyncrest Group, Inc., +1-630-215-5171,
investor@wyncrestinc.com
Web Site: http://www.wyncrestgroupinc.com/