LAKEWOOD, N.J., Aug. 14, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reliance Global Group, Inc. (OTCQB: RELI) ("RELI" or the "Company"), today provided a business update for the second quarter of 2020. The complete financials for the second quarter of 2020 have been filed with OTC Markets and are available at OTCMarkets.com.
Ezra Beyman, CEO of Reliance Global Group, stated, "As previously announced, we achieved solid year-over-year growth for the second quarter of 2020, reflecting the strength of our insurance agencies, despite the impact of the pandemic. These agencies are collectively generating positive cash flow on a standalone basis, which is reflected in the improvement in our cash flow from operations for the six months ended June 30, 2020 compared to the same period last year. As we continue to grow revenues and gain further operating leverage, we expect to see continued improvement in our cash flow and profitability. Towards this end, and given our successful acquisitions to-date, we are now accelerating our strategy by targeting significantly larger insurance agencies that will rapidly expand our national footprint. We have already identified several attractive targets that meet our investment criteria and would provide even greater economies of scale. Aside from these larger acquisitions, we are also in the process of closing an acquisition of a niche transportation insurance agency to complement our existing portfolio. In addition, we look forward to leveraging the Nsure.com digital platform to further enhance the efficiency and profitability of our agencies."
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (OTCQB: 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.