LAKEWOOD, NJ, March 19, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reliance Global Group, Inc. (OTCQB: RELI) ("RELI" or the "Company")today reported that in light of the current situation, the Company's CEO, Mr. Ezra Beyman, has announced plans to personally fund employees to purchase the Company's common shares in the open market through a cash gift. The program will allow for up to a maximum of 1,000,000 shares to be purchased by employees under the guidelines of the Program.
Ezra Beyman, CEO of Reliance Global Group, stated, "The global health concerns related to the COVID-19 pandemic are real and we urge all Americans to follow necessary precautions. As previously announced, we are taking our own steps to protect employees and ensure business continuity. Nevertheless, business goes on and I am more encouraged than ever by the outlook for Reliance. I am especially grateful for the hard work and dedication of our employees during these challenging times. For this reason, I'm pleased to personally fund our employees to purchase up to 1 million of the Company's shares.
"Overall, we are extremely well positioned given the diversification of our business model. The current market may present unique real estate opportunities within a more favorable interest rate environment. Given this landscape, we are well positioned to take advantage of opportunities in the marketplace as they arise. At the same time, we have our focus as well within the insurance sector, and given the fact we own agencies versus carriers, these businesses tend to be well insulated during periods of market volatility. Moreover, through our partnership with Nsure.com, we can significantly enhance the efficiency of our bricks-and-mortar agencies, as well as benefit from more favorable multiples as we evaluate future acquisition opportunities. Our alignment with Nsure.com will also allow us to participate in the tremendous inherent upside as more of the insurance industry moves online. I strongly believe this is an industry ripe for disruption, just like hundreds of industries before, such as online shopping. I encourage everyone to exercise prudence and caution during these difficult times, but don't lose sight of the ingenuity and resilience of the American people."
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.