LAKEWOOD, N.J., June 12, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reliance Global Group, Inc. (OTCQB: RELI) ("RELI" or the "Company"), today reported financial results, that were reviewed by Mazars, for the first quarter of 2020. The complete financials of Q1 have been filed with OTC Markets and are available at OTCMarkets.com.
Ezra Beyman, CEO of Reliance Global Group, stated, "I am pleased to report revenue for the first quarter of 2020 increased five-fold to $2.0 million versus $366,000 for the same period last year. Importantly, our insurance agencies are collectively generating positive cash flow on a standalone basis and, as revenue continues to grow, we expect to significantly enhance profitability due to the scalability of our business model. Heading into the second quarter, our insurance agencies continue to perform well despite the ongoing pandemic. We believe this illustrates of the stability and growth potential of the insurance agency business in nearly any market environment. In addition, we continue to identify and plan to acquire additional, undervalued insurance agencies. At the same time, we are making progress through our investment in Nsure.com, and look forward to integrating the technology platform with our agencies to drive further efficiency."
"On the real estate front, we continue to identify multi-family properties for potential acquisition. As discussed previously, late last year and into the early part of this year, we started to see significant price appreciation in real estate, to the point we felt that most of the properties we were evaluating did not justify the asking price. Rather than chasing these properties, we decided to wait for the market to cool off. While none of us could have predicted the COVID-19 pandemic, in hindsight, this turned out to be the right decision. We are now seeing more attractive valuations in the market and are in active negotiations on several properties that we believe have the potential to generate highly attractive returns. This coupled with historically low rates makes opportunities even more attractive. Overall, we remain highly encouraged by the outlook for the business and look forward to providing further updates."
The Company is further pleased to note that this review was the final required report that is needed for the filing of our Form 10 which is in its final stage.
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.