Reliance Global Group, Inc.

Greetings. Welcome to the Reliance Global Third Quarter 2023 Financial Results and Business Update Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Ted Avis, Investor Relations. Ted, you may begin.

Thanks, Paul. Good afternoon, and thank you for joining Reliance Global Group's 2023 Third Quarter Financial Results and Business Update Conference Call. On the call with us today are Ezra Baiman, Chairman and Chief Executive Officer of Reliance Global Group, and Joel Markovich, Chief Financial Officer at Reliance. Earlier today, the company announced its operating results for the three months ended September 30th, 2023. The press release is posted on the company's website, www.relianceglobalgroup.com. In addition, the company has filed its quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission as well, which can also be accessed on the company's website as well as the SEC's website at www.sec.gov. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at 212-671-1020. Before Mr. Bayman reviews the company's operating results for the quarter ended September 30th, 2023, we would like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of historical facts contained in this conference call, including statements regarding our future results of operations and financial position, strategy and plan, and our expectations for future operations are forward-looking statements. The words anticipate, estimate, expect, project, plan, seek, intend, believe, may, might, will, should, could, likely, continue, design, and the negative of such terms, in other words, in terms of similar expressions, are intended to identify forward-looking statements. These forward-looking statements are based largely on the company's current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to several risks, uncertainties, and assumptions, as described in the company's Form 10-K filed with the U.S. Securities and Exchange Commission on March 30, 2023. Because of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this conference call may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. In addition, neither the company or any person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims any duty to update any of these forward-looking statements. All forward-looking statements Attributable to the company are expressly qualified in their entirety by these cautionary statements, as well as others made in this conference call. You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties. Having said that, I would now like to turn the call over to Ezra Bayman, Chairman and Chief Executive Officer of Reliance Global Group. Ezra?

Thank you, Ted. Good afternoon, and thanks to everyone for joining us today. We are pleased to report a 16% and 90% year-over increase in revenue for the third quarter and first nine months of 2023, respectively. This growth primarily stems from the organic expansion of our business, bolstered by our acquisition of Baro Associates in April 2022. Following the acquisition and the rebranding to RelyExchange, our agency network has demonstrated consistent growth. Despite substantial investments in RelyExchange, We managed to cut our operational losses by over 21% in the first nine months of 2023, compared to the same period last year. Additionally, our working capital has increased $5.3 million, or 117%, since the end of the 2022 fiscal year. RELI Exchange is crucial to our long-term strategic vision and growth, and we are extremely pleased with the significant progress we've made in such a short time. By equipping independent agencies with a robust array of business tools, which include cutting-edge technologies and AI capabilities, Rely Exchange enables these agencies to not only compete but often outperform larger national agencies in their services. Looking ahead, we're moving to consolidate our standalone agencies under the umbrella of Rely Exchange. We're confident this move will bring substantial benefits and efficiencies to both our agents and their clients. This consolidation is expected to significantly enhance the company's market presence across the U.S. as Reliance Global Group will now operate under a unified brand across all business lines. We also anticipate that this will fortify our relationships with carriers, enabling us to negotiate better commissions and bonus contracts thanks to increased business volumes. This strategy will empower our Reliance Exchange Agency partners, assuring them that the company can assist in effectively securing policies along a broad range of insurance products. It will also create more cross-selling opportunities for our agency partners and allow the company to more efficiently leverage the extensive talent within our organization, particularly in their insurance specialty. Lastly, we believe this unified single firm approach will position us to scale rapidly and seamlessly integrate new acquisitions. I would now like to turn the call over to Joel Markiewicz, Chief Financial Officer of Reliance Global, who will review the financial results for the quarter ended September 30th, 2023.