Adds New Revenue Stream for RELI Exchange Agents by Providing Clients Access to Merchant Cash Advance Services
LAKEWOOD, NJ, Sept. 08, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that it has entered into a referral partnership with NRS Funding, a service of National Retail Solutions (NRS) and a provider of merchant cash advance services to independent retailers nationwide. Under the agreement, RELI Exchange affiliated agents will now be able to offer clients merchant cash advance services.
Ezra Beyman, CEO of Reliance Global Group, commented, “We are excited about our partnership with NRS Funding and look forward to providing agents on the RELI Exchange network with a potential new revenue stream accretive to the profitability of their existing businesses. We expect that this new referral partnership will benefit RELI Exchange, our agents, and most importantly, our customers.”
Elie Y. Katz, President and CEO of NRS, said, “NRS was founded to help independent brick-and-mortar retailers effectively fight back against increasing competition from large retail chains and internet retailing Goliaths. We take our commitment to our retailers seriously, and strive to provide products and services that will help their businesses prosper.”
NRS operates a point-of-sale (POS) terminal-based platform for independent retailers nationwide, including convenience, grocery, liquor, and tobacco stores. These retailers are able to process transactions and manage operations more effectively through their NRS terminal while accessing value-added services including NRS’ digital payment processing service, NRS Pay. Advertisers access the terminal’s digital display network to reach these retailers’ predominantly urban customer bases. Consumer packaged goods (CPG) suppliers leverage the NRS platform to provision promotions, coupons, and special offers to independent retailers. NRS is a subsidiary of IDT Corporation, a NYSE listed company.
Beyman added, “We designed RELI Exchange to have low barriers to entry and a compelling value proposition to help us attract new agency partners and provide them with the tools to make their businesses operate more efficiently and become more profitable. The platform has been well received by agents as evidenced by the substantial growth in our agency partner channel since the launch. We believe this latest enhancement to our already robust offering will prove to be another differentiator in the industry, providing independent agents yet another reason to consider moving to the RELI Exchange platform. We plan to continue adding new products and services in the future, which we believe will further accelerate the growth of the platform, getting us closer to our ultimate goal of building RELI Exchange into the largest agency partner network in the country. Overall, we are highly encouraged by the rapid growth of the RELI Exchange platform, and our ability to add bolt-on services for new revenue streams. Given the limited float and strong fundamentals of our business we have no current plans for a reverse stock split and remain laser focused on driving shareholder value.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy is focused on both organic expansion, including 5minuteinsure.com and RELI Exchange, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
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. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements regarding providing agents on the RELI Exchange network with a potential new revenue stream accretive to the profitability of their existing businesses, the new referral partnership benefiting the RELI Exchange, the Company’s agents and its customers, the RELI Exchange attracting new agency partners and providing them with the tools to make their businesses operate more efficiently and become more profitable, the latest enhancement to the Company’s offering proving to be another differentiator in the industry and providing independent agents another reason to consider moving to the RELI Exchange platform, continuing to add new products and services in the future, accelerating the growth of the platform and building RELI Exchange into the largest agency partner network in the country. 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 and risk as and uncertainties related to: the Company’s ability to provide agents on the RELI Exchange network with a potential new revenue stream accretive to the profitability of their existing businesses, the ability of the RELI Exchange to attract new agency partners and provide them with the tools to make their businesses operate more efficiently and become more profitable, the Company’s ability to move independent agents to the RELI Exchange platform, the Company’s ability to add new products and services in the future, accelerate the growth of the platform and build RELI Exchange into the largest agency partner network in the country, the Company’s ability to generate the revenue as anticipated the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K.. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
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