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Saturday, December 3, 2022

Reliance Global Group Inc. (OTCMKTS: RELI) Hits the OTC with a Bang

Reliance Global Group Inc. (OTCMKTS: RELI) is the new name and ticker for Ethos Media. RELI is the latest reverse merger play to light up the OTCBB and attract a fast growing shareholder base who sees big things happening here.

RELI has seen a spectacular rise in recent months from a start point of $0.0021 to recent highs near a quarter transforming into a volume leader.

Reliance Global Group Inc. (OTCMKTS: RELI) is the new Company led by new CEO is Ezra Beyma, a serial entrepreneur and real estate executive whose website is ezrabeyman.net.

On September 21, 2018, Jack Namer, formerly the sole officer and director of Ethos Media Network, Inc. (EOMN), sold his common and preferred shares of EOMN to Reliance Capital Group, LLC a New York-based limited liability company. Amy Nalewaik, also a principal shareholder of EOMN’s common stock, sold her shares in the transaction. Mr. Namer also resigned as the sole officer and director.

The CEO of Reliance Global is Ezra Beyman, and the new directors of Reliance Global are Mr. Beyman and Alex Blumenfrucht, who was appointed CFO. New management elected to terminate the company’s status as a SEC-reporting entity, because they intend to cause it to acquire a business or businesses within the next 30-60 days, but which currently do not have SEC-compliant audited financial statements, and which, in their judgment, might not become SEC-compliant audits within the time required by SEC regulations. New management’s focus will be on acquiring companies in the insurance agency and real estate sectors, and in many cases are controlled by companies affiliated with Reliance.

In October Reliance Global announced it has acquired 100% of Employee Benefits Solutions and U.S. Benefits Alliance two Michigan-based insurance agencies specializing in the sale of health insurance products, in the wholesale and retail industry. Agencies, as opposed to insurance carriers, bear no insurance risk. Both insurance agencies were acquired from a related party. The consideration for the acquisition was the issuance of 16,400,000 restricted shares, bringing the total number of issued and outstanding EOMN common shares to 263,393,149. Immediately after the acquisition of EBS and US Alliance, EOMN’s subsidiary Eye on South Florida, Inc. was sold back to the company’s former principals for $1.

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On November 8 Reliance announced it has entered into an exclusive six-month agreement with The Referral Depot (TRD), a one-of-a-kind software-based referral program made for the insurance industry, placing TRD under Reliance’s full management and control, for the benefit of Reliances’s recently-acquired subsidiaries, Employee Benefits Alliance (EBS) and US Benefits Alliance (USBA). TRD’s principal sold EBS and USBA to Reliance in September and remains an employee.

TRD’s easy to use software makes it simple for insurance professionals to refer business which they don’t write to other insurance professionals that do, for a commission split or other incentive. Pursuant to the agreement, all commissions or overrides earned by Reliance during the six-month period of the agreement will be owned by Reliance in perpetuity, whether or not the agreement is renewed. At the end of the six-month agreement, Reliance has the right to purchase TRD outright. Reliance has agreed to pay the relatively minimal management, maintenance and marketing costs.

The one-of-a-kind software is already in use by EBS and USBA, as well as in use within the independent agency community. EBS and USBA have further been engaged in talks with large national insurance agencies, to have this software implemented within their sales force team.

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Currently trading at a $43 million market valuation Reliance Global RELI is the new name and ticker for Ethos Media. Ezra Beyman has some significant assets listed on his website but its unclear what he brings to the new Company. He is clearly a mover and shaker and has already acquired two Michigan-based insurance agencies that did $914,000 in revenues in 2017 on a combined basis. Last week the Company entered into an exclusive six-month agreement with The Referral Depot (TRD), a one-of-a-kind software-based referral program made for the insurance industry. We will be updating on Reliance Global when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Reliance Global.

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Disclosure: we hold no position in Reliance Global either long or short and we have not been compensated for this article.

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