NEW YORK, NY / ACCESSWIRE / January 31, 2019 / Reliance Global Group, Inc. (OTC PINK: RELI) (''RELI'' or the ''Company'') is pleased to announce that it has signed a Letter of Intent (LOI) with the owners to purchase 100% of a portfolio of four multifamily properties.
The properties, located in Indiana, Ohio, Michigan and Georgia, are currently owned by a joint venture of which Mr. Beyman, CEO of RELI, is a part owner. The properties have been continuously managed by Mr. Beyman and his affiliated entities since 2006.
The four multifamily properties being acquired by RELI have an appraised value of nearly $33,000,000 and a Net Equity of approximately $8,000,000, according to an independent appraisal report from November 2016. The purchase of the properties is subject to a loan assumption agreement with the lender, which is already in process, and completion of other conditions noted in the LOI, including the signing of a definitive Agreement. RELI's intention is to complete the acquisition by issuing RELI common stock.
RELI's Chairman and CEO, Ezra Beyman, stated, "We are pleased to continue our intended strategy of real estate acquisitions. This transaction is consistent with our targeted and long-term approach to acquire real estate portfolios. As we move forward, we will continue to identify and pursue strategic acquisitions in the real estate and insurance agency sectors that build long-term shareholder value.''
About Reliance Global Group
Reliance Global Group, Inc. (OTC PINK: RELI) now is moving forward with its goal to operate as a holding company for several companies in the real estate, insurance brokerage, and potentially other sectors. RELI's focus will be to grow the Company by pursuing an aggressive growth strategy of acquisition opportunities, including both real estate and insurance agencies. Insurance agencies, as opposed to insurance carriers, bear no insurance risk. The Company is controlled by Reliance Global Holdings, LLC, a New York-based limited liability company, which is the owner and operator of numerous companies with core interests invested in real estate and insurance brokerage.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
SOURCE: Reliance Global Group, Inc