Reliance Global Group Announces Formation of New Real Estate Division Aimed at Expanding Operations
July 01 2024 - 8:30AM
Reliance Global Group, Inc. (Nasdaq: RELI; RELIW)
(“Reliance”, “we” or the “Company”) today announced the formation
of a new Real Estate division drawing on Ezra Beyman's extensive
background in building the third-largest mortgage brokerage in the
nation and accumulating a multi-billion-dollar portfolio of
multi-family properties. Furthermore, Abe Miller, successful real
estate investor and M&A executive, has agreed to join Reliance
to oversee this new division and advise on future real estate
transactions. Mr. Miller will receive no fixed salary for his
services; rather, he will be compensated entirely on a
success-based model. The new division is intended to supplement,
and not replace, the Company’s focus on acquiring accretive and
cash flow positive insurance agencies.
Ezra Beyman, CEO of Reliance, commented, “We are excited to
launch a significant initiative—a new division within Reliance
dedicated to the acquisition and development of multi-family and
commercial real estate properties. We are also pleased to announce
that Abe Miller will be joining the Company to head this division
and provide strategic guidance on our future real estate endeavors.
Abe's remarkable track record, including his successful creation of
a $3 billion real estate portfolio through strategic acquisitions,
not only showcases his ability to enhance asset value but also his
skill in navigating complex market dynamics to generate substantial
investment returns. Having previously worked with Abe, I have
firsthand experience of the immense value his insights contribute.
We look forward to him leading this latest endeavor as we continue
to drive Reliance forward as a leading, technology-focused firm
committed to sustainable profitability and increasing shareholder
value. With Abe’s extensive experience and strategic visions, we
are confident this initiative will accelerate our progress toward
achieving our objectives.”
“We anticipate that the new real estate division, set to launch
following the closing of the Spetner acquisition, will align
perfectly with our ongoing strategy focused on accretive and cash
flow positive acquisitions—a realm where we have a proven track
record of successful integration, particularly in the insurance
brokerage sector. Additionally, we expect that this division will
broaden our Company's portfolio by diversifying into multiple
business lines and asset categories. Through this expansion into
real estate, Reliance will be positioned to leverage non-dilutive
financing sources, supported by both the intrinsic value of the
assets and our operational cash flows. We are confident that this
strategy will not only contribute significantly to our growth but
also greatly enhance shareholder value.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) is an
InsurTech pioneer, leveraging artificial intelligence (AI), and
cloud-based technologies, to transform and improve efficiencies in
the insurance agency/brokerage industry. The Company’s
business-to-business InsurTech platform, RELI Exchange, provides
independent insurance agencies an entire suite of business
development tools, enabling them to effectively compete with
large-scale national insurance agencies, whilst reducing
back-office cost and burden. The Company’s business-to-consumer
platform, 5minuteinsure.com, utilizes AI and data mining, to
provide competitive online insurance quotes within minutes to
everyday consumers seeking to purchase auto, home, and life
insurance. In addition, the Company operates its own portfolio of
select retail “brick and mortar” insurance agencies which are
leaders and pioneers in their respective regions throughout the
United States, offering a wide variety of insurance products.
Further information about the Company can be found at
https://www.relianceglobalgroup.com.
Forward-Looking Statements
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. In some cases, forward-looking statements
can be identified by terminology such as “may,” “should,”
“potential,” “continue,” “expects,” “anticipates,” “intends,”
“plans,” “believes,” “estimates,” and similar expressions and
include statements such as the Company having built a best-in-class
InsurTech platform, making RELI Exchange an even more compelling
value proposition and further accelerating growth of the platform,
rolling out several other services in the near future to RELI
Exchange agency partners, building RELI Exchange into the largest
agency partner network in the U.S., the Company moving in the right
direction and the Company’s highly scalable business model driving
significant shareholder value. 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 and risk as and uncertainties related to: the Company’s
ability to generate the revenue anticipated and the ability to
build the RELI Exchange into the largest agency partner network in
the U.S., and the other factors described in the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2023.
The foregoing review of important factors that could cause actual
events to differ from expectations should not be construed as
exhaustive and should be read in conjunction with statements that
are included herein and elsewhere, including the risk factors
included in the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2023, the Company’s Quarterly Reports on
Form 10-Q, the Company’s recent Current Reports on Form 8-K and
subsequent filings with the Securities and Exchange Commission. 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.
Contact:
Crescendo Communications, LLCTel: +1 (212) 671-1020Email:
RELI@crescendo-ir.com
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