NEW YORK, NY / ACCESSWIRE / December 19, 2018 / Reliance Global Group, Inc. (OTC PINK: RELI) (''RELI'' or the ''Company'') announced a corporate update and its plans to continue executing on its focused strategy of pursuing acquisitions in the real estate and insurance agency sectors to fully leverage management's expertise in these industries. As part of this strategy, RELI is currently in negotiations with several affiliated and non-affiliated parties and expects to complete a number of substantial, material real estate transactions throughout the course of 2019. The Company will provide further details as they are available.
The Company is pleased to provide an update on its recent activities toward increasing shareholder value by expanding RELI's presence and market share in the real estate and insurance agency industries. Among the highlights were:
- In October 2018, the Company acquired 100% of Employee Benefits Solutions (''EBS'') and U.S. Benefits Alliance (USBA''), two Michigan-based insurance agencies specializing in the sale of health insurance products, in the wholesale and retail industry.
- Based on recent new customer enrollments that have occurred under RELI's management and will take effect on January 1, 2019, RELI expects these subsidiaries to achieve substantial, year-over-year revenue growth during 2019.
- In November 2018, RELI entered into an exclusive six-month agreement with The Referral Depot (TRD), a one-of-a-kind software-based referral program made for the insurance industry, placing TRD under the Company's full management and control, for the benefit of RELI's recently-acquired subsidiaries EBS and USBA.
- RELI also announced in November that it is forming a Real Estate Investment Trust (''REIT''), for the purpose of acquiring, developing and owning primarily multi-family apartment complexes throughout the United States. The REIT to be formed is tentatively entitled "Edmonton Realty REIT USA," and is intended to facilitate RELI's rapid entry into the REIT sector.
- In December 2018, the Company retained Friedman LLP, a PCAOB-registered CPA firm, to serve as the Company's independent auditors.
- Also in December, RELI completed the acquisition of Commercial Solutions of Insurance Agency, LLC ("Commercial Solutions"). Commercial Solutions specializes in providing commercial P&C Insurance to the trucking, towing and short-haul services industries, serving customers in several Northeastern states including NY, NJ, PA and MD.
RELI's Chairman and CEO, Ezra Beyman, stated, "Over the past three months, we have made significant progress in our strategy to pursue targeted acquisition opportunities, including both insurance agencies and real estate projects. Specifically, we are leveraging our extensive experience in the real estate and insurance agency sectors to identify attractive investments in these categories. We have already made tremendous progress in a relatively short period, and look forward to continuing to update our shareholders on our continued progress.''
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 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.
Ezra Beyman, Chairman and CEO
Investor Relations Contact:
KCSA Strategic Communications
SOURCE: Reliance Global Group Inc