SALT LAKE CITY, Aug. 9, 2005 (PRIMEZONE) -- Nexia Holdings, Inc. (OTCBB:NEXH) announced today that its subsidiary, Diversified Holdings I, Inc., has signed a contract to acquire a 15,000 square foot office building at 268 West 400 South, Salt Lake City, Utah for a total purchase price of $820,000. The building was acquired by purchasing 99% of the stock in Salt Lake Development Corporation whose sole asset consists of the building. Nexia intends to make cosmetic improvements to the property and will immediately list the property with Internet Properties, Inc. for sale or lease. Nexia has made a cash payment of $260,000 and will in effect assume the existing financing of approximately $560,000. Closing will take place upon the receipt of financial information related to the building.
Richard Surber, CEO, of Nexia, commented that, "The acquisition of this piece of real estate is consistent with Nexia's belief that money is made by purchasing property for the right price. The Salt Lake City commercial real estate market appears to be in an upward trend. The upward movement in the market coupled with the fact that there is a limited number of office buildings designed for single user owner occupiers in downtown Salt Lake City makes the purchase of this property a bargain at less then $57 per square foot."
Mr. Surber commented further that "In addition to prospective real estate opportunities, Nexia has been diligently identifying additional business opportunities including certain promising biomedical technologies."
Nexia is a real estate holding company traded on the OTCBB under the symbol NEXH. Nexia strongly encourages the public to read the above information in conjunction with its Form 10-KSB for December 31, 2004 and Form 10-QSB for March 31, 2005. Nexia's disclosures can be viewed at www.nexiaholdings.com and www.sec.gov. This press release is not a solicitation to buy or sell any securities. Nexia is a high-risk security known as a penny stock.