Nexia Executes Contract to Sell Property for $1.01M
| Source: Nexia Holdings, Inc.
SALT LAKE CITY, UT--(Marketwire - June 26, 2008) - Nexia Holdings, Inc. (OTCBB : NXHL )
announced today that it has entered into final arrangements for the sale of
the real property owned by Downtown Development Corporation (DDC), a
subsidiary of Nexia, located in the 1300 South Block of State Street in
Salt Lake City, Utah. The agreement for the sale of the property provides
for a purchase price of $1.01 million.
Nexia's CEO Richard Surber expects the transaction to close within the next
60 days. The sale will include the building and the undeveloped lot which
was recently acquired by DDC at this location. The buyer has completed
their due diligence on the property and has indicated that they intend to
proceed to closing.
CEO Richard Surber observed, "The first mortgage on the property is only
$555,000. We will use the balance of the proceeds to further our
operational goals which include improving our working capital position. I
would like to point out to our shareholders that the sales price of this
single piece of real estate is nearly 5 times our current market
capitalization."
Surber reiterated, "I am very interested in deploying Nexia's resources
into acquiring residential real estate. Given current market conditions, I
believe there are bargains to be had in this sector of the market."
About Nexia Holdings, Inc.
Nexia Holdings, Inc. (OTCBB : NXHL ), headquartered in Salt Lake City, Utah,
is a diversified holdings company with operations in health & beauty,
fashion retail and real estate. Nexia owns a majority interest in Landis
Lifestyle Salons, www.landissalons.net, 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 is retooling its
operations to focus predominately on its online store at
www.blackchandelier.com. For more information on Nexia, visit
www.nexiaholdings.com.
Nexia strongly encourages the public to read the above information in
conjunction with its Form 10-K for December 31, 2007 and 10-Q for the
quarter ended March 31, 2008. Nexia's disclosures can be viewed at
www.nexiaholdings.com and www.sec.gov.
This press release contains forward-looking statements that are based on a
number of assumptions. The above statements further assume that Nexia can
obtain sufficient capital to execute expansion plans through outside
investments. There are no assurances that such assumptions will prove
correct. These forward-looking statements involve a number of risks and
uncertainties, including an expectation of substantial increase in sales.
The actual results that Nexia Holdings may achieve could differ materially
from any forward-looking statements due to such risks and uncertainties.