EOMN Announces Pending Acquisition

NEW YORK, NY / ACCESSWIRE / October 30, 2018 / Reliance Global Group, Inc., formerly known as Ethos Media Network, Inc. EOMN announces that it has signed a Letter of Interest to acquire 100% of an unaffiliated niche insurance agency servicing New Jersey, New York, Pennsylvania and Maryland, the name of which cannot be disclosed at this time, owing to a confidentiality agreement. Insurance agencies, as opposed to carriers, bear no insurance risk.

The agency proposed to be acquired had revenues of $510,000 (unaudited) in 2017 for placing insurance premiums in 2017 of nearly $5,700,000 (unaudited) and is projected to have revenues of $600,000 (unaudited) for 2018, supporting nearly $6,700,000 in insurance premiums. Completion of the acquisition is subject to the signing of a definitive purchase agreement and due diligence (which is underway). EOMN's lender has already approved financing of the pending acquisition.

Ezra Beyman, EOMN's CEO, stated, "We are delighted with EOMN's continuing to make acquisitions in the insurance agency space, and we also intend to make real estate acquisitions. We have significant experience in both sectors, and, at the appropriate time, we intend to become a SEC-reporting company again."

EOMN also announces that it has changed EOMN's corporate name in the State of Florida to RELIANCE GLOBAL GROUP, INC., and is now applying to FINRA for a symbol change.

SOURCE: Ethos Media Network