LAKEWOOD, NJ, May 18, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ Reliance Global Group, Inc. (OTCQB: RELI) ("RELI" or the "Company") today announced the appointment of David Lazar as an independent member of the Company's Board of Directors. As a result, the Board of Directors has increased to 5 members, including 3 independent directors, thereby meeting the independence requirements for a national exchange.
Mr. Lazar brings domestic and international experience in operations, accounting, audit preparation, due diligence, capital restructuring, debt financing, and mergers and acquisitions. Mr. Lazar is currently the CEO of both Custodian Ventures LLC & Activist Investing LLC, which specialize in reverse merger and other event-driven opportunities.
Ezra Beyman, CEO of Reliance Global Group, stated, "We are delighted to welcome David to the Board. He brings broad experience in public company management, having served as CEO of several OTC companies, providing them successful exit strategies. David's skills in corporate finance and capital markets will be valuable as we enter the next phase of growth, including our acquisition strategy focused on undervalued insurance agencies that we can streamline and accelerate through our digital insurance platform powered by Nsure.com. We also continue to opportunistically pursue acquisitions in the multi-family real estate market where we see increased opportunities due to the current market. Importantly, as we continue to identify and evaluate distressed or undervalued acquisition opportunities his background working with such companies will be valuable. Additionally, we believe having an independent director of David's caliber will assist us in achieving a listing on a senior national exchange, and help us to maintain the highest levels of corporate governance."
Mr. Lazar commented, "I am excited to join Reliance at this exciting time in the Company's evolution. The insurance agency market has historically been resilient and less prone to volatility, while the current market uncertainty also presents attractive acquisition opportunities within both the insurance and real estate sectors. As a result of Reliance's unique position in the market, I have been involved in a variety of strategic discussions with Nasdaq and NYSE companies that could potentially help accelerate the Company's path to listing on a national exchange; however, we can provide no assurance such a transaction will occur. I look forward to working closely with management to support the Company's capital markets plan and strategic direction going forward."
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (OTCQB: RELI) 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 continues to 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.