Business
Reliance Global Group Projects Approximate 70% Increase in Sales for the Second Quarter of 2020 Versus the Same Period Last Year
LAKEWOOD, NJ, July 27, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Reliance Global Group, Inc. (OTCQB: RELI) ("RELI" or the "Company"), today reported that it
About this update from Reliance Global Group, Inc.
[{"type":"text","content":"LAKEWOOD, NJ, July 27, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Reliance Global Group, Inc. (OTCQB: RELI) (\"RELI\" or the \"Company\"), today reported that it anticipates revenue will increase approximately 70% for the second quarter of 2020 versus the same period last year. RELI expects to report its full results for the second quarter of 2020 and file its Form 10-Q with the Securities and Exchange Commission on or before August 15, 2020.\n Ezra Beyman, CEO of Reliance Global Group, stated, “I am pleased to report that we believe revenue for the second quarter of 2020 increased approximately 70% over the same period last year. We achieved these strong results despite the nationwide COVID-19 pandemic, which illustrates the strength of our insurance agency strategy in any market environment. More specifically, we achieved growth, both organic and through acquisitions. “Given our traction, I am pleased to announce that we are accelerating our insurance agency acquisition strategy. We are now in active discussions with potential significant acquisition targets that could fundamentally transform our business and provide us a comprehensive national platform. As stated previously, we are focused on acquiring accretive and undervalued agencies, whereby we can benefit from economies of scale. Each of these acquisitions also provides a long term, highly predictable and profitable revenue stream based on the expected life of the insurance policies.” Mr Beyman continued, “We also plan to leverage our investment in Nsure.com, which will allow us to significantly reduce costs among our agencies by eliminating most of the back-office expense, thereby freeing up agents to focus their energies on driving sales versus the current regulatory and administrative burdens. We believe the synergies of this platform will provide us a distinct competitive advantage over other companies pursuing a digital insurance strategy. While several of these companies have multi-billion dollar valuations, achieved in record time, we believe that by combining the Nsure.com platform with ‘bricks and mortar’ acquisitions already in our pipeline, we have the potential to define a unique value proposition and potentially far superior offering. Overall, we believe we have built a highly scalable organization with enormous growth potential, while our insurance agencie...