Reliance Global Group Announces LOI to Acquire National Insurance Agency With Over 145 Affiliated Offices Across 40 States LAKEWOOD, N.J., Sept. 09, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reliance Global Group, Inc. (OTCQB: RELI) ("RELI" or the "Company"), today announced a fully executed letter of intent (LOI) to acquire a national insurance agency. The acquisition is expected to close before the December 31, 2020 fiscal year end subject to certain closing conditions, with due diligence well underway.
We note your response to comment 15 that the acquisition that was referenced in your Summary section is not reasonably likely to close; however, you have not revised disclosure at page 27 stating that you plan to use some of the proceeds for acquisitions, in addition to other funds. Please revise to identify this anticipated use of proceeds here, if applicable, or revise the two sections for consistency. Refer to Item 504 of Regulation S- K.
the Company purchased the domain 5minuteinsure.com. The domain was not in existence prior to the Company’s purchase. The Company is in the process of building out the website 5minuteinsure.com which it intends for it to ultimately utilize artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, with minimal data input.