SALT LAKE CITY, UT--(Marketwire - November 24, 2008) - Nexia Holdings, Inc. (OTCBB: NXHD)
announced that its subsidiary Wasatch Capital Corporation closed upon the
sale of the Wallace/Bennett Buildings located at 59 West 100 South, Salt
Lake City, Utah. The total sales price was $2,150,000. Wasatch owed
approximately $1,145,000.
CEO Richard Surber stated, "The sale of the historic property will provide
much needed liquidity to propel Nexia forward with its future plans. The
cash proceeds may be spent to accomplish the following:
-- Complete our S-1 Registration for an equity line of credit up to $10M.
-- File a Form 10 on Nexia's salon subsidiary Green Endeavors Ltd.
(PINKSHEETS: GRNE) in preparation for the long awaited spin off to Nexia
shareholders.
-- Retain our talented staff.
-- General working capital."
Mr. Surber continued, "Being able to have the cash resources from the sale
of the building during this historic credit crunch will be one of the
events that may allow Nexia to effectively pursue the acquisition of
substantial sums of residential real estate under its acquisition strategy.
The above bullets are key stepping stones to carrying out the acquisition
strategy. The current real estate and credit meltdown may provide a
tremendous 'value investment' opportunity for Nexia and its shareholders."
About Nexia Holdings, Inc.
Nexia Holdings, Inc. (OTCBB: NXHD), headquartered in Salt Lake City, Utah,
is a diversified holdings company with operations in real estate, health &
beauty, and fashion retail. Nexia owns a majority interest in Landis
Lifestyle Salon, www.landissalons.com, a hair salon built around the
world-class AVEDA™ product line. Through its Style Perfect, Inc.
subsidiary, Nexia owns the innovative retail and design firm Black
Chandelier and its related brands. Black Chandelier currently operates one
retail location and online store at www.blackchandelier.com. For more
information, visit http://www.nexiaholdings.com.
Nexia strongly encourages the public to read the above information in
conjunction with its Form 10-K for December 31, 2007. For specific details
on the sale of the Wallace/Bennett Building, please refer to the Form 10Q
for the period September 30, 2007. Please refer to the Form 8K filed on
October 6, 2007, for a complete version of Nexia's Real Estate Acquisition
Strategy. These other disclosures can be viewed at www.nexiaholdings.com
and www.sec.gov