SOURCE: Nexia Holdings, Inc.

June 26, 2008 08:00 ET

Nexia Executes Contract to Sell Property for $1.01M

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,, 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 For more information on Nexia, visit

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 and

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.