Reliance Global Group, Inc.

Greetings. Welcome to the Reliance Global Group first quarter 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. You may begin.

Thanks, John. Good afternoon, and thank you for joining Reliance Global Group's 2024 First Quarter Financial Results and Business Update Conference Call. On the call with us today are Ezra Bayman, Chairman and Chief Executive Officer of Reliance Global Group, and Joel Markovits, Chief Financial Officer at Reliance. Earlier today, the company announced its operating results for the quarter-ended March 31, 2024. The press release is posted on the company's website, www.relianceglobalgroup.com. In addition, the company has filed its quarterly report on Form 10Q with the U.S. Securities and Exchange Commission today, 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 but would like any additional information about the company, please contact Crescendo Communications at 212-671-1020. Before Mr. Baiman reviews the company's operating results for the quarter ended March 31, 2024, We would like to remind everyone that the 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 plans, 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, they're 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 April 4, 2024. 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 achievement. In addition, neither the company nor any other 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'd now like to turn the call over to Ezra Baiman, Chairman and Chief Executive Officer of Reliance Global Group. Ezra?

Thanks, Ted. Good afternoon, and thank you to everyone for joining us today. This is an exciting time for us to share the significant press we have made at Reliance Global Group. In early April, we shared insights into our operations, and I'm pleased to report that in the first quarter of 2024, we continued this trend of solid performance, marked by steady organic growth. This quarter, our emphasis was on implementing our new one firm approach, which integrates our nine owned and operated agencies across the United States into a single unified entity. As these efforts continue to gain traction, we believe that we will experience significant improvement in both our revenue and profitability. As you may know, we recently announced that we have entered into a definitive agreement to acquire Spettner Associates, a well-established benefits enrollment company. Spettner, through Manage Benefits Enrollment Company, is a leading provider of voluntary benefits to over 75,000 employees throughout the United States. We are confident that this acquisition of Spettner will prove to be the most significant acquisition and a pivotal turning point in the company's history. The strategic move is expected to dramatically enhance our capabilities and position us strongly in the market, setting a new benchmark for our future endeavors. I would like to take this time to delve deeper into the reasons behind this acquisition and what it means for the company's future. The integration of Spentner's expertise and extensive client base into our operations is expected to significantly enhance our market position, expand our service offering, and accelerate our growth trajectory. By aligning Spretner's innovative benefits solutions with our strategic goals, we aim to create more value for our stakeholders and strengthen our competitive edge in the industry. This acquisition is not just about growth. It's about setting a new standard in our industry and bringing enhanced services to a broader audience. Spretner's Ben Manage Benefits Enrollment Company enhances HR operations by integrating benefits enrollment and administration with applicant tracking, onboarding, and payroll systems. This consolidated approach minimizes paperwork and streamlines various HR tasks. Featuring a user-friendly digital interface along with live call center support, Ben Manager offers a smooth and efficient process for enrolling and managing employee benefits. The platform also improves recruitment efficiency with its one-touch applicant tracking and onboarding system, seamlessly integrating new employees into a company's payroll system. Additionally, BandManage automatically evaluates job applicants for work opportunity tax credits, facilitating these credits processing without the need for manual input. Spentner stands out in its sector by deploying advanced technologies that position it ahead of its competitors. This acquisition represents a pivotal moment for Reliance, not merely in terms of size, but as a crucial component of our wider strategic vision. The impact of this acquisition is substantial. It is anticipated to more than double our revenue Specifically, Spettner is expected to bring in over $14 million in revenue for the fiscal year 2024, which would increase Reliance's total revenue to approximately $28 million. Moreover, Spettner is anticipated to significantly boost Reliance's EBITDA, with projections indicating an additional $4 million in EBITDA for 2024 on a standalone basis, thanks to its high EBITDA-to-revenue ratio. Spentner's comprehensive range of uniquely voluntary benefits programs, combined with its extensive reach, presents substantial opportunities for synergy, particularly in enhancing our offerings through cross-selling personal lines of insurance through the Reli exchange platform. While Spentner Band Manager is already highly profitable on its own, its integration into our existing infrastructure is poised to substantially boost our capabilities. In fact, The strategic union is anticipated to create a company where the collective value exceeds that of its individual components, establishing a new benchmark in the industry and driving unprecedented growth for Reliance. This acquisition also underscores our dedication to not only enriching our portfolio, but also to fundamentally transforming the insurance industry. By integrating Spentner, Reliance Global is poised to broaden our array of innovating solutions further solidifying our reputation as a leader in leveraging technology to achieve substantial growth and profitability. Our commitment to operational efficiency, technological innovation, and strategic acquisition goes way beyond standard strategy. It embodies our mission to redefine what's possible in the industry. Overall, our objective is to evolve Reliance Global Group into a profitable multi-billion dollar enterprise, that delivers substantial returns to our shareholders. We believe this acquisition will unlock significant opportunities that align perfectly with our one firm go-to-market strategy. The strategic integration aims not just to expand our presence within the $436 billion highly fragmented global insurance agency brokerage market, but also to position Reliance as a formidable cutting-edge enterprise that leverages technology to drive sustainable profitability, and enhanced shareholder value. With our solid foundation and forward-thinking strategies, we are confident that we are well on our way to achieving these ambitious goals. As I reflect on our path forward, I am reminded of the reasons why I embarked on this journey with Reliance, driven by a firm belief in our vision and what we are building together. My previous experience in creating the third-largest mortgage broker in the country, a residential, and amassing a multi-billion-dollar portfolio of multifamily properties Undisclosed my commitment to not just achieving growth, but sustainable growth. This history is a testament to our dedication to not only expand, but to all do it in a manner that ensures long-term stability and success. As I have stated many times before, I'm a true believer in the company, with over $5 million of my own personal capital invested in Reliance. My commitment to building a tech-forward, market-leading organization has never been stronger. Our emphasis on operational efficiency, technological innovation, and strategic acquisition extends beyond mere strategy. It's our mission to redefine what's possible in the industry. This dedication is not just about leading. It's about transforming the landscape of our industry, ensuring that Reliant stays at the forefront of innovation and market dynamics. Thank you for continued support and belief in our vision. The future is bright and exciting, and together we're going to make this vision a reality. I would now like to turn the call over to Joe Markovits, Chief Financial Officer of Reliance Global, who will review the financial results for the quarter ended March 31st, 2024. Joe?