LAKEWOOD, NJ, Dec. 30, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Reliance Global Group, Inc. (OTC: RELI) ("RELI" or the "Company"), today provided a year-end update for shareholders.
Ezra Beyman, CEO of Reliance Global Group, stated, "2019 was an eventful year for Reliance Global Group. Most recently, we executed the contract to acquire a 260-unit multi-family property and announced a letter of intent to acquire a multi-family property consisting of 176 apartment units. These acquisitions are consistent with our strategy to acquire undervalued multi-family properties with sustainable cash flows in attractive markets. All our acquisitions are subject to strict due diligence, and we are currently evaluating several other potentially significant opportunities.
"We also continue to execute on our acquisition strategy in the insurance sector by identifying undervalued, and accretive transactions that leverage our national infrastructure. In September, we completed the acquisition of Altruis Benefit Consulting, which specializes in providing individual and group health insurance. We also transferred both Southwestern Montana Insurance, a group health insurance company providing employee benefits insurance to groups and individuals, as well as Fortman Insurance Agency, LLC, which provides personal and commercial insurance lines, into Reliance Global Group from the Company's affiliate, Reliance Global Holdings LLC. As a result, we have now acquired six insurance agencies, collectively operating at a revenue run rate in excess of $7 million and have identified additional potential acquisitions to help further scale the business.
"In addition to our operational progress, we recently submitted our application to list on the OTCQB, an important stepping-stone towards our planned listing on a national exchange. Our independent auditors have substantially completed the audit and despite the holiday-related delays, we now expect to complete and announce our audited financial results in early January 2020. Overall, we remain extremely encouraged by the outlook for business, and believe that we have built a solid foundation for growth. In addition to our recent and planned acquisitions, we have identified additional targets to help further scale the business and drive cash flow going forward. 2020 is shaping up to be another exciting year for Reliance Global Group, and I would like to wish all our shareholders a happy and healthy New Year."
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.