Appointments Fulfill Key Steps Towards Meeting the Requirements of OTCQB Venture Market and Listing on a National Stock Exchange
LAKEWOOD, NJ, Jan. 29, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Reliance Global Group, Inc. (OTC: RELI) ("RELI" or the "Company"), today announced that Ben Fruchtzweig and John Lowy have joined the Company's Board of Directors. The Company also announced that Ben Fruchtzweig and Scott Korman, a current member of the Board, have joined the Audit Committee of the Board of Directors.
Ezra Beyman, CEO of Reliance Global Group, stated, "We are delighted to welcome John and Ben to the Board of Directors. They both bring decades of legal, financial and capital markets experience, which we believe will be invaluable as we continue our growth at a national level. At the same time, we are pleased to announce the appointments of Ben and Scott to the Audit Committee of the Board. We remain committed to the highest levels of corporate governance as we position ourselves as a premier holding company in the real estate and insurance sectors. Moreover, we believe we now meet the requirements of the OTCQB Venture Market (OTCQB) and are moving forward towards our goal of listing on a national exchange. As previously reported, our OTCQB application has been submitted and we believe we are close to final approval."
Ben Fruchtzweig brings decades of executive experience in accounting and financial services. He has served as Chief Comptroller/Financial Analyst at national financial services and investment companies. He received his NYS C.P.A license in 1987 and has worked at Deloitte Haskins and Sells and other leading accounting firms. Currently, Mr. Fruchtzweig lectures on a variety of topics including business ethics. He also serves on a voluntary basis as a trustee of a non-profit private foundation, which serves to provide the needed financial support, services and guidance to qualifying individuals and families. Mr. Fruchtzweig graduated Magna Cum Laude from Queens College/ C.U.N.Y. in June 1985.
John Lowy is the founder and senior partner of the law firm John B. Lowy PC and is also founder and CEO of Olympic Capital Group, Inc. ("Olympic"), founded in 1993. The law firm specializes in corporate and securities laws and has represented clients from various industries that have gone public via IPOs and reverse mergers. Olympic is a boutique NY-based investment banking firm, which specializes in assisting its clients, both public and private companies, in raising capital, both debt and equity, and has raised capital in hundreds of transactions. Mr. Lowy is a FINRA-registered Series 79 investment banker. He is a graduate of Tufts University and the University of Pennsylvania Law School and is a licensed attorney in New York and New Jersey.
Mr. Korman currently serves as President of Nashone, Inc., a private equity firm, which he founded in 1984. In this role, Mr. Korman is involved in financial advisory, M&A, and general management assignments. He is a founder and Managing Partner of Convergence Merchant Bank, as well as founder and CEO of Illumina Radiopharmaceuticals LLC, CEO of Red Mountain Medical Holdings, Inc., and founder of CDx Medical Holdings, Inc. Mr. Korman previously served as Chairman of Da-Tech Corporation, a Pennsylvania based contract electronics manufacturer and as Chairman and CEO of Best Manufacturing Group LLC, a leading manufacturer and distributor of uniforms, napery, service apparel, and hospitality and healthcare textiles. Mr. Korman also served as President and CEO of Welsh Farms Inc., a full-service dairy processor and distributor of milk, ice cream mix and ice cream products. Mr. Korman received a B.S. degree in Economics from the University of Pennsylvania Wharton School. He has served as a member of the Board of Directors of Tofutti Brands, Inc. since December 2011, and advises companies including Damina Advisors, CFO Squad, Beis Capital LLC and Cinch Delivers LLC. He also serves on the boards of various not-for-profit groups and was the founder of the Englewood Business Forum.
About Reliance Global Group, Inc.
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 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.