Acquisition Strategy - As of September 30, 2024, the Company has acquired nine insurance agencies as part of its aggressive acquisition strategy [69] - The Company plans to acquire 80% of Spetner Associates for $13,714,286, which includes $5,500,000 in cash and stock issuance [70] - The Company focuses on acquiring undervalued insurance agencies in growing or underserved segments, including healthcare and Medicare [76] - The acquisition strategy aims to offer lower rates, thereby boosting the Company's competitive position within the insurance industry [77] Financial Performance - Commission income for the three months ended September 30, 2024, was $3,441,458, representing a 5% increase from $3,275,583 in the same period of 2023 [83] - Total operating expenses decreased by 16% to $3,953,435 for the three months ended September 30, 2024, down from $4,710,637 in 2023 [83] - Net loss for the three months ended September 30, 2024, was $(837,314), a 502% increase compared to a net loss of $(139,004) in 2023 [83] - AEBITDA for the three months ended September 30, 2024, was $42,508, a significant improvement from $(200,602) in the same period of 2023 [86] - Commission income for the nine months ended September 30, 2024, was $10,757,238, reflecting a 3% increase from $10,410,591 in 2023 [84] - Total operating expenses for the nine months ended September 30, 2024, increased by 19% to $17,447,516, compared to $14,688,899 in 2023 [84] - Net loss for the nine months ended September 30, 2024, was $(7,673,373), a 157% increase from $(2,982,827) in 2023 [84] - AEBITDA for the nine months ended September 30, 2024, was $(209,114), an improvement from $(467,635) in the same period of 2023 [86] Cash Flow and Liquidity - As of September 30, 2024, the company had a cash balance of approximately $2,354,000, down from $2,739,000 at December 31, 2023 [87] - The company sold 658,088 shares of common stock under the ATM Agreement, receiving net proceeds of $2,824,227 during the nine months ended September 30, 2024 [88] - Net cash used in continuing operating activities for the nine months ended September 30, 2024, was approximately $1,648,000, a decrease from $3,833,545 for the same period in 2023, reflecting a significant improvement [93] - Cash flows used in continuing and discontinued investing activities were approximately $59,000 for the nine months ended September 30, 2024, compared to $719,000 provided in the same period in 2023, indicating a shift towards cash outflows [94] - Cash provided by continuing and discontinued financing activities was approximately $1,321,449 for the nine months ended September 30, 2024, up from $576,212 in the prior year, driven by proceeds from common shares issued [95] - The net loss for the nine months ended September 30, 2024, was approximately $7,673,000, with non-cash adjustments totaling approximately $5,830,000 [93] - The company reported a net increase in cash due to changes in net working capital items of approximately $195,000 during the nine months ended September 30, 2024 [93] Operational Efficiency - RELI Exchange has increased its agent roster by over 130% since its inception, enhancing the Company's B2B InsurTech capabilities [71] - The Company adopted a "OneFirm" strategy to improve cross-selling and operational efficiency across its agencies, enhancing market presence [72] - The company has extensive experience in managing insurance portfolios, with over 100 years of combined management experience in the sector [76] Corporate Governance - The Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of disclosure controls and procedures as of September 30, 2024, and determined them to be effective [99] - There have been no changes in internal control over financial reporting that materially affected the company during the most recently completed fiscal quarter [100] - The company is subject to various legal proceedings, but management does not believe these will have a material adverse effect on its financial position or operations [102] Stock and Shareholder Actions - The Company executed a 1-for-17 reverse stock split on July 1, 2024, resulting in a rounding addition of approximately 110,350 shares valued at par [80] - Adjusted EBITDA (AEBITDA) is a key financial performance metric used by the Company to evaluate operational performance across reporting periods [81]

Exhibit 99.1 Three Months Ended Reliance Global Group Reports Third Quarter 2024 Results and Provides Business Update Reports Continued Revenue Growth and Significant Improvements to Net Results Company to Host Conference Call Today at 4:30 PM Eastern Time LAKEWOOD, N.J., November 7, 2024 — Reliance Global Group, Inc. (Nasdaq: RELI) ("Reliance", "we" or the "Company") today provided a business update and reported financial results for the three and nine months ended September 30, 2024. Ezra Beyman, Reliance ...

LAKEWOOD, N.J., July 30, 2024 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (NASDAQ:RELI) ("Reliance", "we" or the "Company") today unveiled its new, advanced AI-powered Quote & Bind cutting-edge InsurTech solution for commercial policies, designed to significantly enhance the capabilities of RELI Exchange agency partners. The Company plans to launch the new offering in the fourth quarter of 2024. The new Quote & Bind solution, integrated within the RELI Exchange platform, leverages artificial intelligenc ...

Reliance Global Group, Inc. (NASDAQ:RELI) Q2 2024 Earnings Conference Call July 25, 2024 4:30 PM ET Company Participants Ted Ayvas - Investor Relations Ezra Beyman - Chairman and CEO Joel Markovits - Chief Financial Officer Conference Call Participants Nick Pincus - Forest Capital Operator Good day. And welcome to the Reliance Global Group’s Second Quarter Business Update Conference Call. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions-and-comments ...

(c) During the quarter ended June 30, 2024, no director or officer adopted or terminated: (i) any contract, instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement"); and/or (ii) any "non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K 28 Reliance Global Group, Inc. Title of each class Trading Symbol(s) Name of each exchange on which registere ...

"Building on the Company's strong performance in the first quarter, the second quarter of 2024 continued our trend of sustained organic growth. Throughout the quarter, we continued to emphasize our foundational 'OneFirm' strategy, uniting our nine owned and operated agencies nationwide to function as one cohesive business unit. OneFirm has provided the Company with access to higher commission tiers and has created broad cross-selling opportunities which has, and we believe will continue to, drive material r ...

Exhibit 99.1 Reliance Global Group Reports Second Quarter 2024 Results and Provides Business Update Spetner Associates Acquisition on Track to Close in Second Half of 2024; Projected to Double Annual Revenue to Approximately $28 Million and Boost AEBITDA Reliance Forms Real Estate Division Headed up by Successful Real Estate Investor and M&A Executive Abe Miller, to Drive Growth and Diversification Simplified Capital Structure- Reliance Removes Warrant Overhang to Unlock Shareholder Value Mr. Beyman conclud ...

LAKEWOOD, N.J., July 01, 2024 (GLOBE NEWSWIRE) -- 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 divi ...

Upon implementation of the Reverse Stock Split, every 17 shares of the Company's issued and outstanding Common Stock will automatically convert into one share of Common Stock without any change to the par value of $0.086 per share and the amount of Common Stock outstanding will be reduced from approximately 15.7 million shares to approximately 921,000 shares. Following the Reverse Stock Split, the ownership percentage of each shareholder will remain unchanged. Proportional adjustments will be made to the nu ...

Ezra Beyman, CEO of Reliance, remarked, "We are pleased to report our withdrawal of the previously filed registration statement, covering the potential shares issuable under the Series G warrants. As a result of the investor converting all of their warrant holdings, we have successfully eliminated the perceived warrant overhang and vastly simplified our capital structure. We remain committed to unlocking value for our shareholders and are more encouraged than ever by the outlook for the business, including ...