LAKEWOOD, NJ, May 07, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reliance Global Group, Inc. (OTCQB: RELI) ("RELI" or the "Company"), today reported that the Company has completed the 2019 audit, including its wholly owned subsidiaries. The audit results are available on the OTC's website. In addition, the Company is well underway preparing and plans to file its Form 10 with the Securities and Exchange Commission, to become a fully reporting company.
Ezra Beyman, CEO of Reliance Global Group, stated, "The filing of our 2019 audited financial results is an important milestone, and reflects the consolidated results of our recent acquisitions. As expected, our results reflect strong growth. Even including the results of operations for the periods preceding the acquisitions, our pro forma revenue reflects more than a four-fold increase to approximately $4.5 million, as well as a seven-fold increase versus our actual revenues, and we are now operating at a revenue run-rate in excess of $7 million through the first quarter of 2020. Moreover, our total assets increased to approximately $17 million as of December 31, 2019 compared to $2.5 million as of December 31, 2018. Looking ahead, we continue to identify and plan to acquire additional, undervalued insurance agencies that complement our digital insurance strategy, as well as opportunistic acquisitions in the multi-family real estate market."
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.