LAKEWOOD, NJ, July 27, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Reliance Global Group, Inc. (OTCQB: RELI) ("RELI" or the "Company"), today reported that it anticipates revenue will increase approximately 70% for the second quarter of 2020 versus the same period last year. RELI expects to report its full results for the second quarter of 2020 and file its Form 10-Q with the Securities and Exchange Commission on or before August 15, 2020.
Ezra Beyman, CEO of Reliance Global Group, stated, "I am pleased to report that we believe revenue for the second quarter of 2020 increased approximately 70% over the same period last year. We achieved these strong results despite the nationwide COVID-19 pandemic, which illustrates the strength of our insurance agency strategy in any market environment. More specifically, we achieved growth, both organic and through acquisitions.
"Given our traction, I am pleased to announce that we are accelerating our insurance agency acquisition strategy. We are now in active discussions with potential significant acquisition targets that could fundamentally transform our business and provide us a comprehensive national platform. As stated previously, we are focused on acquiring accretive and undervalued agencies, whereby we can benefit from economies of scale. Each of these acquisitions also provides a long term, highly predictable and profitable revenue stream based on the expected life of the insurance policies."
Mr Beyman continued, "We also plan to leverage our investment in Nsure.com, which will allow us to significantly reduce costs among our agencies by eliminating most of the back-office expense, thereby freeing up agents to focus their energies on driving sales versus the current regulatory and administrative burdens. We believe the synergies of this platform will provide us a distinct competitive advantage over other companies pursuing a digital insurance strategy. While several of these companies have multi-billion dollar valuations, achieved in record time, we believe that by combining the Nsure.com platform with 'bricks and mortar' acquisitions already in our pipeline, we have the potential to define a unique value proposition and potentially far superior offering. Overall, we believe we have built a highly scalable organization with enormous growth potential, while our insurance agencies are collectively generating positive cash flow on a standalone basis."
"On the real estate front, we continue to identify multi-family properties for potential acquisition, however, we have remained highly disciplined as real estate prices fluctuate, and rather than chasing prices, we are pursuing this market cautiously and opportunistically in order to maximize and protect value for shareholders," concluded Mr. Beyman.
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.