LAKEWOOD, N.J., Feb. 13, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reliance Global Group, Inc. (OTCQB: RELI) ("RELI" or the "Company"), today announced that it has entered into a binding agreement, whereby the Company will form a strategic partnership and make a direct investment into a first-in-kind digital insurance agency. The agreement is subject to certain closing conditions.
Ezra Beyman, CEO of Reliance Global Group, stated, "We are on the cusp of consummating a potentially transformative event for the Company. We have the necessary funds in hand to complete the first phase of the transaction, which is expected to close imminently, and look forward to providing further details that we believe will illustrate how significant this event may be for RELI. Just as other brick-and-mortar industries have been disrupted through digital technologies, the insurance sector is widely anticipated to be one of the next to follow. In addition to our strategic investment, we look forward to coupling this technology platform with our growing portfolio of cash flowing insurance agencies, which should further enhance our efficiency and profitability."
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.