NEW YORK, NY / ACCESSWIRE / February 6, 2019 / Reliance Global Group, Inc. (OTC PINK: RELI) (''RELI'' or the ''Company''), announces that it has fully executed an amended Letter of Intent to acquire 100% of an unaffiliated niche insurance agency. The LOI, originally signed on November 19, 2018, has been amended and re-signed due to the conclusions of our third-party Due Diligence Firm, as a result of which RELI has re-negotiated a more favorable purchase price. The agency specializes in placing Group Health Insurance for businesses in the Northwest. Insurance agencies, as opposed to carriers, bear no insurance risk.
The agency to be acquired had revenues of $1,500,000 (unaudited) in 2018. Completion of the acquisition is subject to the signing of a definitive purchase agreement, and final due diligence (which is almost complete). RELI intends to close on the transaction during the second quarter of 2019. This LOI is the only current outstanding LOI in our insurance sector.
Ezra Beyman, RELI's CEO, stated, ''We are delighted with RELI's continuing to make acquisitions in the insurance agency space, and we intend to continue to make acquisitions in the real estate sector as well. We have significant experience in both the insurance agency and the real estate sectors.''
About Reliance Global Group
Reliance Global Group, Inc. (OTC PINK: 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 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.