EOMN Announces First Acquisition
October 26 2018 - 09:15AM
InvestorsHub NewsWire
EOMN Announces First
Acquisition
Plantation, FL -- October 26, 2018 -- InvestorsHub NewsWire
-- Ethos Media Network, Inc. (OTC
PINK: EOMN) announces that is has acquired 100% of Employee
Benefits Solutions (''EBS'') and U.S. Benefits Alliance (''US
Alliance''), two Michigan-based insurance agencies specializing in
the sale of health insurance products, in the wholesale and retail
industry. Agencies, as opposed to insurance carriers, bear no
insurance risk. Both insurance agencies were acquired from a
related party.
The consideration for the acquisition was the issuance of
16,400,000 restricted EOMN shares, bringing the total number of
issued and outstanding EOMN common shares to 263,393,149.
Immediately after the acquisition of EBS and US Alliance, EOMN's
subsidiary Eye on South Florida, Inc. was sold back to EOMN's
former principals for $1.
On a combined basis, EBS and US Alliance’s revenues from
commissions on insurance premiums in 2017 were $914,000(unaudited).
As previously announced, new management as of September 21, 2018
terminated EOMN's registration as a reporting issuer with the SEC,
because their intention is to acquire companies which might not
have SEC-compliant audited financial statements. Then, when the
SEC-compliant audits of the business or businesses have been
completed, they intend EOMN to become a SEC-reporting issuer
again.
Ezra Beyman, EOMN's CEO, stated, ''We are delighted with
EOMN's first acquisitions in the insurance agency business, and we
intend to continue to acquire companies in this sector and in real
estate. We have significant experience in both sectors, and, at the
appropriate time, we intend to become a SEC-reporting company
again.''
EOMN also announces that it has submitted Articles of
Amendment with the Secretary of State of Florida, changing EOMN's
corporate name to RELIANCE GLOBAL GROUP, INC.; the filing of that
Amendment is pending.
Source: Ethos Media Network, Inc.