LAKEWOOD, N.J., June 14, 2019 /PRNewswire/ -- Reliance Global Group, Inc. (OTC: RELI) ("RELI" or the "Company"), today provided additional business updates.
The Company announced it has retained Crescendo Communications, LLC to provide investor relations and strategic advisory services for the Company. Crescendo is a leading New York-based communications firm, with broad experience representing public companies and helping build awareness within the investment community.
The Company also reported it is still in the process of completing the audit of its financial statements, so that it can become a SEC-reporting issuer. The audits of the original three entities which RELI acquired are nearly complete; however, Reliance Global Group's growth through acquisitions has delayed the completion of the audit of RELI on the whole, as each new acquisition requires its own independent audit.
Ezra Beyman, CEO of Reliance Global Group, stated, "We are working thoroughly and diligently to have the audits completed in the most expeditious timeframe possible. Upon completion of the audit, we plan to become fully reporting. Given the traction in our business, and our planned status as a fully reporting Company, we felt it was good timing to bring on a quality IR firm to help broaden our exposure within the capital markets."
The Company also provided an update on its previously announced two signed LOIs involving 19 multifamily properties. Reliance Global Group is still in the process of obtaining the bank approval for this loan assumption. Although the Company had originally planned to structure the real estate entity as a REIT, "Edmonton Realty REIT USA," it is also exploring alternative structures a "merchant" in the multifamily real estate industry, which has been a successful strategy of Reliance Global Holdings, LLC's principals for the past 30 years.
Ezra Beyman, further noted, "While we have not ruled out the REIT structure, acting as a merchant may have numerous advantages, as complexes are acquired, upgraded utilizing our expertise, and then resold. We believe this structure could have a much more favorable impact to our bottom line over a typical REIT model, and we are actively evaluating our options."
Reliance Global Group currently has one outstanding LOI in the insurance sector relating to two independent insurance agencies. Mr. Beyman concluded, "We are still in our due diligence phase and intend to complete those acquisitions upon the completion and assurance of our due diligence team. We have already completed the acquisitions of two agencies, Southwestern Montana and Fortman Insurance, during the second quarter alone."
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.
SOURCE Reliance Global Group, Inc.