LAKEWOOD, NJ, June 26, 2025 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI) ("Reliance," "we," "us," "our" or the "Company") today highlighted the strong preliminary unaudited financial results of Spetner Associates, Inc. ("Spetner") for the first quarter ended March 31, 2025. As previously announced, Reliance has entered into a definitive agreement to acquire Spetner, and the transaction continues to advance toward closing.
Spetner's Q1 2025 Financial Highlights (Unaudited):
- Revenue increased by more than 95% year-over-year to approximately $5.16 million, compared with $2.64 million in Q1 2024.
- Operating income margin grew by 29% year-over-year to 74% from 46% in Q1 2024.
- Net income grew by 220% to approximately $2.98 million, more than triple the approximately $0.9 million reported for Q1 2024.
- Cash flows from operating activities increased by 112% to $2.6 million, more than double the $1.2 million generated in Q1 2024.
Ezra Beyman, CEO of Reliance Global Group, commented, "We're thrilled with Spetner's impressive first quarter results, illustrating full alignment with our strategy of acquiring and integrating high-performing cash-generating synergistic insurance distribution platforms. Combined with Reliance's scalable operating model and technology-driven platform, the combined organization will be well positioned to generate consistent significant profits, returns and cash flows."
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI) 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 Private Securities Litigation Reform Act of 1995. You can identify these statements by terminology such as "may," "should," "could," "would," "will," "expect," "anticipate," "intend," "plan," "believe," "estimate," "continue," "potential," and similar expressions. Forward-looking statements in this press release include, without limitation, statements regarding:
- Our expectation that the acquisition of Spetner Associates, Inc. will close as planned or at all and continue to advance toward completion, including obtaining any necessary regulatory or shareholder approvals;
- Our objective to acquire and integrate high-performing, cash-generating synergistic insurance distribution platforms that align with our scalable, technology-driven model to drive shareholder value;
- Our intention to pursue disciplined, accretive growth opportunities across the InsurTech and insurance agency sectors; and
- Other statements regarding our plans, strategies, expectations and intentions concerning future operations, financial performance, and service offerings of either us, Spetner or the potentially combined company thereof.
These forward-looking statements are based on a number of assumptions, including the assumptions that: the LOI will not be terminated prior to execution of definitive purchase agreements; due diligence and documentation negotiations will proceed without material adverse findings; the Fortman sale and the Spetner acquisition will both close as expected; our revenue and EBITDA projections for Spetner are attainable; integration risks will be managed successfully; and there will be no material adverse changes in market, economic or regulatory conditions affecting our businesses. There can be no assurance that any of these assumptions will prove correct.
There are numerous risks and uncertainties that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These include, among others: the risk that the Fortman buyer may withdraw or renegotiate the terms of the LOI; delays or failure to complete either the Fortman sale or the Spetner acquisition; unanticipated liabilities or integration challenges in connection with Spetner; our inability to realize the projected revenue or EBITDA benefits; competition in the InsurTech and agency brokerage industry; changes in insurance regulation or Nasdaq listing requirements; general economic or financial market conditions; and the other risks and uncertainties described in the "Risk Factors" section of our Registration Statement on Form S-1 and our periodic reports filed with the Securities and Exchange Commission.
You should carefully review our Annual Report on Form 10-K for the year ended December 31, 2024, as amended, and the other reports we have filed or will file with the SEC for a more complete discussion of risks and uncertainties. tExcept as required by law, Reliance Global Group, Inc. disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Crescendo Communications, LLC
Tel: +1 (212) 671-1020
Email: RELI@crescendo-ir.com
