Reliance International Group broadcasts share buyback program of as much as 3 million shares

Reliance International Group, Inc.

CEO Ezra Bayman personally buys greater than $400,000 of firm inventory

LAKEWOOD, NJ, September 23, 2022 (Globe Newswire) — Reliance International GroupInc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or “the Firm”), which mixes synthetic intelligence (AI) and cloud-based applied sciences with the non-public expertise of a standard insurance coverage company, right this moment introduced that its Board of Administrators (“Board”) ) approved a share repurchase program whereby the Firm could repurchase as much as 3.0 million shares of its excellent frequent inventory three enterprise days after the Firm issued its quarterly earnings launch for the three months ended September 30, 2022 might be efficient. “Begin Date”), which the corporate presently anticipates releasing on or about November 14, 2022.

After the graduation date, and for a interval of six months thereafter, by open market transactions (based mostly on prevailing market costs), privately negotiated transactions, block trades, or any mixture thereof, relevant federal securities Repurchases could also be made in accordance with legal guidelines, together with Rule 10B-18 of the Securities Change Act of 1934, as amended. The variety of shares to be repurchased and the timing of the repurchase, if any, will rely on numerous components together with, however not restricted to, the corporate’s working capital necessities and basic in addition to value, buying and selling quantity and basic market situations. enterprise situations. The Firm’s Board of Administrators will re-evaluate the Program sometimes and will authorize changes to its phrases. The corporate expects to make use of its present funds to fund the buybacks underneath the buyback program.

Ezra Beyman, CEO, Reliance International Group, commented, “We’re happy to announce this share repurchase program, which we hope will assist enhance worth for shareholders by decreasing excellent shares. We imagine That the corporate is in a stronger place than at any time in our historical past, however don’t imagine that that is mirrored within the share value given present market situations. As additional instance of my confidence, I stated final week We have now personally bought over $400,000 value of inventory on the open market throughout the U.S. We could not be extra inspired from a buying and selling standpoint and sit up for offering additional updates on the RELI Change and different essential initiatives.

Reliance International Group, Inc. about
Reliance International Group, Inc. (NASDAQ:RELI, RELIW) is combining superior applied sciences with the non-public expertise of a standard insurance coverage company mannequin. Reliance International Group’s progress technique focuses on each natural enlargement, which incorporates: and RELI Change, in addition to the acquisition of properly managed, low valuation and money stream constructive insurance coverage companies. Further details about the corporate is offered right here,

forward-looking statements

This press launch accommodates forward-looking statements throughout the which means of the “protected harbor” provisions of the Non-public Securities Litigation Reform Act of 1995. Statements aside from these of historic info contained on this press launch could represent forward-looking statements and aren’t assured. future efficiency, place or outcomes and includes numerous dangers and uncertainties. In some circumstances, forward-looking statements are recognized with terminology equivalent to “would possibly,” “ought to,” “possible,” “proceed,” “anticipate,” “anticipate,” “intend,” “plan,” “imagine” Could go. Accommodates statements like “guess,” and comparable expressions and Driving worth to shareholders by decreasing excellent shares, the corporate is in a stronger place than at any time in its historical past, the corporate’s place just isn’t mirrored in its share value and RELI gives additional updates on trade and different essential initiatives. does. Precise outcomes may differ materially from these in forward-looking statements because of numerous components, together with these described sometimes in our filings with the Securities and Change Fee and elsewhere, and dangers and uncertainties equivalent to: capability of Share repurchase program as deliberate, the corporate’s capacity to generate income and develop the RELI trade, the corporate’s capacity to keep up a NASDAQ itemizing and within the firm’s annual report on Kind 10-Okay for the yr ended December 31, 2021 Different components described and its subsequent submitting with the SEC, together with subsequent periodic studies on Varieties 10-Q and 8-Okay. The knowledge on this launch is offered solely as of the date of this launch, and the corporate undertakes no obligation to publicly replace or revise any forward-looking statements, whether or not as new info, future occasions or in any other case. , be after the date. Statements that are made or replicate the prevalence of unexpected occasions, besides as required by legislation.


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