LAKEWOOD, N.J., March 10, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reliance Global Group, Inc. (OTCQB: RELI) ("RELI" or the "Company") today announced the appointment of Josh Colter as Chief Investment Officer & Head of U.S. Real Estate, effective March 10, 2020. Mr. Colter will be responsible for spearheading new acquisitions and dispositions, overseeing the underwriting process, developing capital partner relationships, and will manage the real-estate portfolios that will be purchased by Reliance Global Group.
Mr. Colter brings over 15 years of domestic and international real estate, private equity, and M&A advisory experience, including having closed more than $1.2 billion of multifamily acquisitions over the past five years. Most recently, Mr. Colter served as Director of Acquisitions & Finance at Robbins Property Associates, a full-service owner-operator of multifamily properties. Previously, Mr. Colter served as Managing Director for Lloyd Jones Capital, a private equity real estate investment, development & management company specializing in multifamily and senior housing. His background with sponsor/operators includes principal investing, asset management, acquisitions, and JV structuring with family offices and institutional groups. His experience includes roles with Exane BNP Paribas, Consultiva, Tavira Monaco SAM, Broad Street Securities Group and Bear Stearns. He graduated from the University of Central FL (B.S.) with a triple concentration in Finance, Accounting, & Economics, and completed a double master's degree program (MSc) in Financial Economics and Risk & Investment Management from EDHEC Business School in France. Additionally, he is a Young Founder & President of the Mt. Sinai Foundation in Miami Beach, FL.
Ezra Beyman, CEO of Reliance Global Group, stated, "Josh is an outstanding and timely addition to the senior management team. Having closed over $1.2 billion in multifamily acquisitions over the past 5 years alone, his experience will be invaluable in accelerating the growth of our multifamily real estate portfolio. Moreover, his involvement within our real estate segment will allow us to allocate greater resources towards our acquisition/roll-up strategy within the insurance segment. Importantly, we believe our business model brings together the best of two worlds. First, we believe multifamily properties represent the most attractive asset class within the real estate market at this time, with the potential to generate highly attractive returns. At the same time, insurance is a very secure and predictable asset class, especially during volatile markets. By utilizing the Nsure.com platform to drive efficiencies and cost savings within our insurance agency portfolio, we believe we have developed a finely tuned business model that has the potential to drive significant shareholder value for years to come."
The Company also reported that it is making progress on the 2019 audits, as previously announced, and expects to provide further updates shortly.
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.