NEW YORK, NY / ACCESSWIRE / January 17, 2019 / RelianceGlobal Group, Inc. (OTC PINK: RELI) ("RELI" or the "Company") is pleased to announce that it has signed an LOI to purchase 100% of a portfolio of 15 Multifamily Properties. The properties are located throughout the states of Ohio, Indiana, Kentucky, Michigan and Georgia.
The properties are currently owned in a joint venture of which Mr. Beyman, CEO of RELI, is a part owner. The properties have been managed by Mr. Beyman and his entities from 2006 through today. The assets have an appraised value of nearly $80,000,000 and a Net Equity of approximately $24,000,000, according to an independent appraisal report from May 2017. The purchase of the properties is subject to a loan assumption agreement with the lender, which is already in process, and completion of other conditions noted in the LOI. RELI's intention is to complete the acquisition with RELI common stock.
The intent is for the properties to be purchased directly by RELI and then transferred to the REIT - a newly-formed wholly owned subsidiary of RELI.
RELI's Chairman and CEO, Ezra Beyman, stated, "We are pleased to begin our intended strategy of real estate acquisitions. This transaction is consistent with our targeted and long-term approach to acquire real estate portfolios. As we move forward, we will continue to identify and pursue strategic acquisitions in the real estate and insurance agency sectors that build long-term shareholder value."
About Reliance Global Group
Reliance Global Group, Inc. (OTC PINK: RELI) now is moving forward with its goal to operate as a holding company for several companies invested 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 controlled by Ezra Beyman and 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.