LAKEWOOD, N.J., May 8, 2019 /PRNewswire/ -- Reliance Global Group, Inc. (OTC: RELI) ("RELI" or the "Company"), announces that it has fully executed two separate Letters of Intent to acquire 100% of each of two affiliated Medicare insurance agencies. Insurance agencies, as opposed to carriers, bear no insurance risk.
One of the agencies is a nationally recognized marketing organization specializing in the Medicare insurance market. This agency operates in over 36 states, servicing over 1,300 downline insurance agents. This acquisition, when completed, is expected to provide top-level contracts and proprietary software that will provide unique solutions for quick and efficient sales and support for Medicare agents nationwide.
The second agency operates as a niche Medicare insurance agency with a substantial market share in the Western U.S.
As previously announced, RELI has launched a national campaign for the expansion of our health insurance divisions. This is a major development in RELI's process, as it will be the catalyst for becoming a national leader in the Medicare insurance sales market.
The agencies to be acquired had revenues of approximately $7,000,000 (unaudited) in 2018 as well as substantial growth year over year. These agencies specialize in placing health specialty products which will complement the agencies we currently own.
As RELI is in the process of completing its audited financial statements, in order to become a SEC- reporting issuer, this proposed acquisition will be acquired by Reliance Global Holdings, LLC, and will be transferred into RELI upon the successful completion of the audit. The investment of funds will be supplied by Reliance Global Holdings, LLC, of which Ezra Beyman, the CEO of RELI, is a principal.
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.