LAKEWOOD, N.J., March 10, 2023 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, announced that the Company received notice from Nasdaq on March 9, 2023, indicating that Reliance had regained compliance with the minimum bid price requirement under Nasdaq Rule 5550(a)(2).
Mr. Ezra Beyman, Chairman and CEO of Reliance commented, “We are pleased to have regained compliance with the continued listing requirements of Nasdaq. Maintaining our Nasdaq listing is of the utmost importance to the Company given the credibility and visibility that it provides, and we view it as essential in our ongoing activities to enhance shareholder value and position the Company for long-term success.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes the organic expansion of its current portfolio of agencies owned in addition to the growth of 5MinuteInsure.com, its online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, and RELI Exchange, its B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
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. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as the Company having built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S., the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value. 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 and risk as and uncertainties related to: the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as the same may be updated from time to time. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Company’s Quarterly Reports on Form 10-Q, the Company’s Current Reports on Form 8-K and subsequent filings with the Securities and Exchange Commission. 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.
LAKEWOOD, N.J., Feb. 22, 2023 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that on February 7, 2023, the Company’s Board of Directors approved a 1-for-15 reverse stock split (the “Reverse Stock Split”) of the Company’s common stock (the “Common Stock”) in order to regain compliance with the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market (Rule 5550(a)(2)). The Company was not required to obtain shareholder approval to effectuate the Reverse Stock Split. On February 22, 2023, the Company filed articles of amendment to the Company’s articles of incorporation, as amended, with the Secretary of State of the State of Florida to effect the Reverse Stock Split as of 5:00 p.m. Eastern Time on that date. On February 23, 2023, the Common Stock will begin trading on the Nasdaq Capital Market (“Nasdaq”) on a split-adjusted basis at the start of trading on February 23, 2023, under the symbol “RELI” and under a new CUSIP number, 75946W306.
Ezra Beyman, CEO of Reliance Global Group, commented, “Maintaining our Nasdaq listing is of utmost importance, as it offers credibility, visibility and a platform to support our growth objectives. We believe having a higher price will also help make our stock more attractive to institutional investors and brokers, who may previously have been restricted in their ability to invest or recommend our stock due to the share price. In addition, by reducing the number of shares available in the public float, we aim to combat unethical and illegal trades, such as naked short selling.”
“Despite the tough overall market conditions, especially in the small-cap sector, we remain fully committed to maximizing shareholder value and are extremely optimistic about the future of our business. We are highly encouraged by the rapid growth of the number of independent agents joining our business-to-business InsurTech platform, RELI Exchange, from 65 to 176 independent agents, representing a growth rate of 170%, since May 2022. Our commitment to executing on our business plan has not wavered, and we believe the outlook for the business is extremely bright.”
Upon implementation of the Reverse Stock Split, every 15 shares of the Company’s issued and outstanding Common Stock will automatically convert into one share of Common Stock without any change to the par value of $0.086 per share and the amount of Common Stock outstanding will be reduced from approximately 20 million shares to approximately 1.3 million shares. Following the Reverse Stock Split, the ownership percentage of each shareholder will remain unchanged. Proportional adjustments will be made to the number of shares of Common Stock issuable upon exercise of the Company’s outstanding stock options and warrants, and other incentive awards, as well as the applicable exercise price.
Information to Stockholders
VStock Transfer, LLC, the Company transfer agent, will send instructions to stockholders of record who hold stock certificates regarding the exchange of certificates for Common Stock. Stockholders who hold their shares of Common Stock in book-entry form or in brokerage accounts or “street name” are not required to take any action to effect the exchange of their shares of Common Stock following the Reverse Stock Split. VStock Transfer, LLC may be reached for questions at (212) 828-8436.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes the organic expansion of its current portfolio of agencies owned in addition to the growth of 5MinuteInsure.com, its online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, and RELI Exchange, its B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
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. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as the Company having built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S., the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value. 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 and risk as and uncertainties related to: the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Company’s Quarterly Reports on Form 10-Q, the Company’s recent Current Reports on Form 8-K and subsequent filings with the Securities and Exchange Commission. 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.
LAKEWOOD, N.J., Feb. 14, 2023 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) ) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced the conversion of $645,000 of a $1.845 million Company loan (the “Note”), beneficially held by the Company’s CEO, Mr. Ezra Beyman, at $0.64 per share, significantly above the closing market price of $0.55 on February 13, 2023, which is equal to 1,009,390 common shares.
The Note was originally issued on September 13, 2022, in the amount of $1.5 million and was increased by an additional $345,000 on February 7, 2023. The Note matures on Jan 15, 2026, and bears interest at a rate of 0% per annum for the first six months, and 5% per annum thereafter. As a result of the partial Note conversion, the current balance of the Note is $1.2 million.
Ezra Beyman, CEO of Reliance Global Group, commented, “This loan was provided at extremely favorable terms to the Company in order to accelerate the growth of RELI Exchange, while protecting the interests of shareholders. By making the decision to convert a portion of the Note significantly above the current market price, I hope to further illustrate my complete alignment with shareholders and utmost confidence in the bright future ahead for our business.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes the organic expansion of its current portfolio of agencies owned in addition to the growth of 5MinuteInsure.com, its online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, and RELI Exchange, its B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
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. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as the Company having built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S., the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value. 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 and risk as and uncertainties related to: the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Company’s Quarterly Reports on Form 10-Q, the Company’s recent Current Reports on Form 8-K and subsequent filings with the Securities and Exchange Commission. 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.
Provides enhanced sales tools and streamlines operations for agency partners
Auto-population of customer data saves agents’ time, while providing customers more comprehensive insurance policy comparisons
LAKEWOOD, N.J., Feb. 13, 2023 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) with the personalized experience of a traditional insurance agency, today announced that it has significantly enhanced its AI-based, InsurTech platform with new customer relationship management (CRM) tools to further enhance workflow, streamline operations, and reduce costs for insurance agency partners utilizing RELI Exchange.
Moshe Fishman, Director of InsurTech at Reliance Global Group, commented, “Our strategy to leverage AI technology has revolutionized the process by which insurance policies are obtained, making it more automated than ever before. The enhanced AI engine powering our RELI Exchange platform now pre-populates 90% of a customer’s application, providing agents with an improved and streamlined process. The new custom CRM system facilitates the entire customer engagement, sales and closing process, allowing the system to provide ‘smart coaching’ guidance where needed. In addition, our RELI Exchange sales directors will benefit from the CRM system, as it will help directors better track prospects, and support agency partners through the sales cycle. These enhancements to the AI-based platform are not meant to replace the agent experience, but rather enhance their interactions with customers, by enabling them to compare more quotes in a shorter amount of time, while focusing on the overall experience.”
Ezra Beyman, CEO of Reliance Global Group, stated, “We are excited to integrate our advanced AI engine and custom CRM system into our RELI Exchange InsurTech platform. This upgrade follows the recent launch of our real-time, life insurance quotation tool, which compares life insurance policies from over 15 insurance carriers, and builds upon our successful home and auto insurance offerings. We have always been at the forefront of AI-based technologies and, with this integration, we are further elevating our position as an InsurTech leader.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes the organic expansion of 5MinuteInsure.com, its online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, and RELI Exchange, its B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. 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. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “proposes,” and similar expressions. 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 SEC and elsewhere and risks and uncertainties related to: the Company’s ability to provide agents on the RELI Exchange network with a potential new revenue stream accretive to the profitability of their existing businesses; the ability of the RELI Exchange to attract new agency partners and provide them with the tools to make their businesses operate more efficiently and become more profitable; the Company’s ability to move independent agents to the RELI Exchange platform; the Company’s ability to add new products and services in the future, accelerate the growth of the platform and build RELI Exchange into what it hopes to be the largest agency partner network in the country; the Company’s ability to generate revenue as anticipated; the Company’s ability to maintain compliance with the NASDAQ listing requirements; and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its subsequent filings with the SEC, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K.The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
RELI Exchange Agents and Customers are Now Able to Quickly Access Real-Time Life Insurance Quotes, with Minimal Data Input
RELI Exchange Grows to Over 150 Agency Partners
LAKEWOOD, NJ, Feb. 01, 2023 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) with the personalized experience of a traditional insurance agency, today announced that it has added a real-time, life insurance quotation tool to both its RELI Exchange and 5Minuteinsure.com platforms. The tool displays life insurance quotes from more than 15 life insurance companies, and builds upon the Company’s successful home and auto insurance offerings.
Moshe Fishman, Director of Insurtech at Reliance Global Group remarked, “The addition of the life insurance quotation tool to both our 5MinuteInsure.com (B2C platform), and RELI Exchange (B2B platform), further enhances the value proposition of each of the platforms. The life insurance capabilities will provide our RELI Exchange agency partners with the technology necessary to immediately compare life insurance policies in less than a minute, adding an important new tool to their agent toolbox. Moreover, it provides consumers with full transparency of what is available to them and the price they should expect to pay. We are committed to our mission of helping clients gain the appropriate level of insurance in order to protect what is most important of them, while ensuring they are getting the best value for their money.”
Ezra Beyman, CEO of Reliance Global Group, commented, “We are pleased to announce the addition of the life insurance quotation tool to our InsurTech platforms. This is yet another example of how we are continually enhancing our agency partners’ experiences by adding more features, products and overall value to our InsurTech platforms. Quick and accurate quotes are of the utmost importance to our agency partners, making it easier for them to sell more policies and grow their businesses. Feedback on the RELI Exchange platform continues to be extremely positive, as our agency partners continue to realize the benefits and enhanced productivity provided by our offering. Agency Partners welcome our technology, which enables them to minimize much of the distracting back-office burden an insurance agency typically has, empowering them with more time to serve the needs of their clients and build their businesses. The RELI Exchange platform continues to grow, and now consists of more than 150 agency partners. We look forward to onboarding additional carriers and adding exciting new features to our InsurTech platforms, which we believe will further enhance its value to our agency partners. The rapid organic expansion of RELI Exchange is further illustration of the value we are delivering to our agency partners.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes the organic expansion of 5MinuteInsure.com, it’s online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, and RELI Exchange, it’s B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. 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. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “proposes,” and similar expressions. 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 SEC and elsewhere and risk as and uncertainties related to: the Company’s ability to provide agents on the RELI Exchange network with a potential new revenue stream accretive to the profitability of their existing businesses, the ability of the RELI Exchange to attract new agency partners and provide them with the tools to make their businesses operate more efficiently and become more profitable, the Company’s ability to move independent agents to the RELI Exchange platform, the Company’s ability to add new products and services in the future, accelerate the growth of the platform and build RELI Exchange into the largest agency partner network in the country, the Company’s ability to generate the revenue as anticipated the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K.The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
Adds Another Potential New Revenue Stream for RELI Exchange Agents through a Referral Partnership with Commercial Mortgage Financing Provider
LAKEWOOD, N.J., Nov. 28, 2022 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) with the personalized experience of a traditional insurance agency, today announced that it has entered into a referral partnership with Eastern Union Funding, LLC (“Eastern Union”), a provider of commercial real estate finance and capital market solutions. Under the agreement, RELI Exchange agency partners will now be able to refer clients to Eastern Union for commercial real estate financing, including multi-family and commercial structures.
Since its founding in 2001, Eastern Union has closed thousands of commercial loans in over 30 states across the United States.
Ezra Beyman, CEO of Reliance Global Group, commented, “We are pleased to announce this partnership with Eastern Union, providing RELI Exchange agents with yet another potential new stream of revenue that can add to the profitability of their business. After signing our first similar partnership agreement with NRS Funding in early September, we had stated we would continue to explore opportunities to add additional streams of revenue for our agency partners. We believe this latest agreement illustrates the successful execution of our strategy. Referral partnerships such as these are a win-win for both our agents and, most importantly, our customers. These types of agreements make RELI Exchange an even more compelling value proposition and should help further accelerate the growth of the platform. We continue to receive excellent feedback from our RELI Exchange agency partners that are already exeriencing the positive effects that the platform is having on their business. The platform has grown 84.6% since we started it in May, 2022, as independent agents continue to join the network.”
Ami Eller, Senior Vice President of Eastern Union said, “We look forward to this new partnership agreement with Reliance Global Group, as both of our companies are leveraging advanced technologies to better serve our customes. At Eastern Union, we use our proprietary technologies to underwrite and analyze transactions, while Reliance Global Group has the premier business-to-business and business-to-consumer InsurTech platforms. We believe there are tremendous synergies across our respective organizations and we look forward to a long-term and successful relationship.”
Moshe Fishman, Director of Insurtech at Reliance Global Group remarked, “This referral partnership enhances the client relationships of our RELI Exchange Agency partners. Property insurance is an integral component of virtually every commercial financing deal. By thinking about the whole client, and connecting them with commercial finance experts at Eastern Union, our agency partners are strengthening their client relationships, which leads to higher retention and excellent referrals.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes the organic expansion of 5MinuteInsure.com, it’s online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, and RELI Exchange, it’s B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. 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. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “proposes,” and similar expressions. 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 SEC and elsewhere and risk as and uncertainties related to: the Company’s ability to provide agents on the RELI Exchange network with a potential new revenue stream accretive to the profitability of their existing businesses, the ability of the RELI Exchange to attract new agency partners and provide them with the tools to make their businesses operate more efficiently and become more profitable, the Company’s ability to move independent agents tothe RELI Exchange platform, the Company’s ability to add new products and services in the future, accelerate the growth of the platform and build RELI Exchange into the largest agency partner network in the country, the Company’s ability to generate the revenue as anticipatedthe Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K.The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
LAKEWOOD, N.J., Nov. 15, 2022 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, yesterday provided a business update and reported financial results for the third quarter ended September 30, 2022.
Ezra Beyman, CEO of Reliance Global Group, commented, “We are extremely pleased to report a 61% year-over-year increase in revenue for the third quarter of 2022. Our strong growth has been fueled by our recent acquisitions, including Barra & Associates, which was successfully relaunched as RELI Exchange earlier this year. With the RELI Exchange platform, we believe we have built a best-in-class InsurTech platform and are not aware of any other offering in the insurance industry with its speed or versatility. The platform enables agents to quickly generate side by side quote comparisons across a broad universe of carriers, to ensure they are getting the best policies and value for their clients. RELI Exchange also simplifies an agent’s back-office burden and reduces their costs by streamlining their operations and minimizing paperwork, thus providing an agent more time to focus on clients, selling policies, and growing their business. The platform has scaled even faster than anticipated, as independent agents continue to join the network. I am pleased to report RELI Exchange now has more than 120 agency partners, up from just 65 a few short months ago.”
“We continue to add additional streams of revenue for our agency partners, which we believe will make RELI Exchange an even more compelling value proposition and help further accelerate growth of the platform. As an example, we recently added a new referral partnership with NRS Funding, whereby RELI Exchange agents are now able to offer their clients merchant cash advance services. In addition, there are several other services that are in the pipeline which we believe we will be rolling out to RELI Exchange agency partners in the near future.”
“Overall, we remain committed to achieving our goal of building RELI Exchange into the largest agency partner network in the U.S. and, based on our results to date, we believe we are moving in the right direction. In addition, we believe that our highly scalable business model will drive significant shareholder value as we move forward.”
Financial results for the three months ended September 30, 2022
Revenue for the three months ended September 30, 2022, was approximately $4.2 million, an increase of approximately 61%, compared to $2.6 million for the three months ended September 30, 2021. The increase of $1.6 million was primarily driven by organic growth and the additional insurance agencies acquired in 2022.
Operating expenses for the three months ended September 30, 2022, were approximately $5.7 million, compared to approximately $3.1 million for the three months ended September 30, 2021. The increase was primarily attributable to commission expense, salaries and wages, general & administrative, and advertising & marketing costs, which increased due to a combination of organic growth and the inclusion of the agencies acquired in 2022. Operating expenses for the three months ended September 30, 2022 include approximately $1 million of non-cash and non-recurring expenses.
Net income for three months ended September 30, 2022, was approximately $6.1 million, compared to a loss of $595 thousand for the same period last year. The increase was primarily attributable to the $7.9 million change in fair value of the warrant liabilities.
Financial results for the nine months ended September 30, 2022
Revenue for the nine months ended September 30, 2022, was approximately $12.6 million, an increase of approximately 78%, compared to $7.1 million for the nine months ended September 30, 2021. The increase was primarily driven by organic growth and the additional insurance agencies acquired in 2022.
Operating expenses for the nine months ended September 30, 2022, were approximately $18.5 million, compared to approximately $9.2 million for the nine months ended September 30, 2021. The increase was primarily attributable to commission expense, salaries and wages, general & administrative, and advertising & marketing costs, which increased due to a combination of organic growth and the inclusion of the agencies acquired in 2022. Operating expenses for the nine months ended September 30, 2022 include approximately $4.4 million of non-cash and non-recurring expenses.
Net income for nine months ended September 30, 2022, was approximately $26.0 million, compared to a loss of $2.5 million for the same period last year. The increase was primarily attributable to the $32.4 million change in fair value of the warrant liabilities.
Reliance Global Group will host a conference call today at 12:00 P.M. Eastern Time to discuss the Company’s financial results for the third quarter ended September 30, 2022, as well as the Company’s corporate progress and other developments.
A webcast replay will also be available on the Company’s Investors section of the website (https://relianceglobalgroup.com/investor-relations/) through November 16, 2023. A telephone replay of the call will be available approximately one hour following the call, through November 29, 2022, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 47068.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) and automation, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes the organic expansion of 5MinuteInsure.com, it’s online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, and RELI Exchange, it’s B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
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. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as the Company having built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S., the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value. 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 and risk as and uncertainties related to: the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’sAnnual Report on Form 10-K for the fiscal year ended December 31, 2021. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Company’s Quarterly Reports on Form 10-Q, the Company’s recent Current Reports on Form 8-K and subsequent filings with the Securities and Exchange Commission.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.
LAKEWOOD, N.J., Nov. 07, 2022 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency announced today that it will host a conference call on Tuesday, November 15, 2022, at 12:00 PM Eastern Time to discuss financial results for the quarter ended September 30, 2022, and provide a business update.
A webcast replay will be available on the investor relations section of company’s the website at https://relianceglobalgroup.com/investor-relations/ through November 16, 2023. A telephone replay of the call will be available approximately one hour following the call, through November 29, 2022, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 47068.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy is focused on both organic expansion, including 5minuteinsure.com and RELI Exchange, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
LAKEWOOD, NJ / October 6, 2022 / Reliance Global Group, Inc. (Nasdaq:RELI) (Nasdaq:RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that the management of Reliance Global Group has been invited to present at the 2022 MicroCap Rodeo Windy City Roundup Conference, which is being held on October 12 – 13, 2022 in Chicago, Illinois.
William Lebovics, Chief Financial Officer of Reliance, and Grant Barra, Senior Vice President of Reliance, are scheduled to present on Thursday, October 13th at 9:00 a.m. Central Time/10:00 a.m. Eastern Time. The presentation will be webcast live and available for replay at https://www.webcaster4.com/Webcast/Page/2924/46723. Management will also be available for one-on-one meetings with qualified investors throughout the conference.
To receive additional information, request an invitation, or to schedule a one-on-one meeting, please email angie.wright@issuerdirect.com.
The second-annual, live in-person MicroCap Rodeo is back. Join us as we go on the road and participate in the Windy City Roundup 2022 in Chicago, Illinois. Over two days in October, investors can harness top stocks for their portfolios. They’ll meet with executive management teams from approximately 60-plus microcap companies across a wide variety of industries and gain an understanding into the key value drivers and potential trends for 2023. Complementing the interactive, in-depth 25-minute one-on-one meeting format will be four tracks of company presentations.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy is focused on both organic expansion, including 5minuteinsure.com and RELI Exchange, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
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. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such ashaving built a best-in-class platform, continuing to aggressively add new agency partners and new revenue streams to our network, such new additions and revenue streams having a multiplier effect on the growth of our business, the platform providing the Company with the ability to grow this business line significantly with little additional costs, the goal of building RELI Exchange into the largest agency partner network in the country and the growth the Company has already experienced demonstrating that the Company is on the right path. 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 and risk as and uncertainties related to: the Company’s ability to continue to aggressively add new agency partners and new revenue streams to our network, the Company’s ability to generate revenue and grow the RELI Exchange, the Company’s ability to maintain its NASDAQ listing and the other factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
Platform proving to be highly scalable and attracting new agency partners nationwide
LAKEWOOD, N.J., Sept. 29, 2022 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that RELI Exchange, its business-to-business (B2B) InsurTech platform and agency partner network, has surpassed 100 agency partners (click here to view the RELI Exchange video).
Moshe Fishman, Director of InsurTech at Reliance Global Group commented, “Since its launch in July, RELI Exchange is rapidly becoming one of the premier agency partner networks in the nation. Unlike other agency solutions, our cloud-based platform does not require agency partners to pay upfront or recurring franchise fees to set up or manage – they can simply sign up as an agency partner and start leveraging the power of the RELI Exchange to grow and immediately improve the operating efficiency of their business. RELI Exchange helps agents compare quotes faster and sell more insurance in a way they could not have done before implementing the tech stack that Reliance Global Group has developed. The platform provides competitive insurance quotes from more than thirty insurance carriers nationwide in just a few minutes, ensuring clients are getting the best possible quotes. RELI Exchange also reduces an agent’s back-office burden and expenses by eliminating paperwork, thus providing the agent with more time to focus on their clients, selling policies, and growing their businesses.”
“Our platform is also attracting entrepreneurs who previously served as captive carrier agents or within large and often bureaucratic agencies. These agents can now reap the full benefits of owning their own business. Given the uncertainties of the current economy, property and casualty insurance have withstood the test of time, even in inflationary environments. At the same time, we are aggressively adding new recurring revenue streams to further entice and support the growth of our agency partner network. As a result, we are proud to announce that we have surpassed one hundred agency partners within the network.”
Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “We have received excellent feedback from our RELI Exchange agency partners. They are already reporting on the positive effects the platform is having on their business. We believe we have built a best-in-class platform and are not aware of any other offering in the insurance industry with the speed, or versatility of RELI Exchange. We are excited that the platform has grown so quickly and look forward to continuing to aggressively add new agency partners and new revenue streams to our network, which we believe will have a multiplier effect on the growth of our business. Given the proprietary software that we developed, our agency partner model is highly scalable, and we believe it will provide us with the ability to grow this business line significantly with little additional costs. As we have stated previously, our goal is to build RELI Exchange into the largest agency partner network in the country and we believe the growth we have already experienced demonstrates that we are on the right path.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy is focused on both organic expansion, including 5minuteinsure.com and RELI Exchange, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
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. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such ashaving built a best-in-class platform, continuing to aggressively add new agency partners and new revenue streams to our network, such new additions and revenue streams having a multiplier effect on the growth of our business, the platform providing the Company with the ability to grow this business line significantly with little additional costs, the goal of building RELI Exchange into the largest agency partner network in the country and the growth the Company has already experienced demonstrating that the Company is on the right path. 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 and risk as and uncertainties related to: the Company’s ability to continue to aggressively add new agency partners and new revenue streams to our network,the Company’s ability to generate revenue and grow the RELI Exchange, the Company’s ability to maintain its NASDAQ listing and the other factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
