SALT LAKE CITY, Aug. 18, 2005 (PRIMEZONE) -- Nexia Holdings, Inc. (OTCBB:NEXH) is pleased to announce that it has executed an Investment Agreement with Dutchess Private Equities Fund, L.P. for up to $10,000,000 in equity financing. This financing can be drawn over a 3-year period and becomes available upon the filing and subsequent effectiveness of an SB-2 Registration Statement. During the drawdown period, Nexia can receive funds by selling shares of its common stock to Dutchess Private Equities Fund, L.P. Dutchess is required to purchase the shares as specified in the Investment Agreement.
Richard Surber CEO of Nexia believes that "the equity line of credit should enhance shareholder value by allowing Nexia to more effectively act upon business opportunities." Mr. Surber further stated that "over the last 5 years Nexia has come across many exciting and promising business opportunities but was unable to effectively act upon these opportunities because of insufficient capital resources. Upon the effectiveness of the registration statement, Nexia will have a financing plan in place which will allow Nexia to effectively act upon opportunities as they arise."
Founded in 1996, Dutchess has since transacted in excess of $1 billion in financings for public companies. For more information on Dutchess, please visit www.dutchessadvisors.com.
Nexia is a holding company with real estate operations. 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 30, 2005 and applicable Form 8K disclosures. Nexia's disclosures can be viewed at www.sec.gov. Although this press release is not a solicitation to buy or sell any securities, Nexia strongly encourages investors not to invest any monies which they cannot afford to lose. Nexia is a high risk security known as a penny stock.