SALT LAKE CITY, UT--(Marketwire - March 19, 2010) - Nexia Holdings, Inc. (
- Nexia's 90% owned subsidiary Green Endeavors, Ltd. (GRNE) recently obtained a quote on the OTC Pink Sheets. This event is meaningful because Nexia not only holds control of GRNE, but also owns a debenture with a face amount that exceeds $2M. All securities in GRNE held by Nexia are restricted. However, the recent volume and price appreciation may provide Nexia and GRNE with significant capital resources necessary to acquire and/or build-out additional Landis Salons, Inc. hair salons.
- Nexia has raised over $160,000 in cash in the last 60 days by settling various claims and liquidating a small portion of its equity securities.
- Nexia currently holds securities with a face value in excess of $5M. Many of the securities may be liquidated in small increments under various federal securities exemptions as market conditions permit. (Caveat: These various securities are in other pink sheet companies with limited liquidity and are financially distressed. The ultimate value cannot be determined until the securities are sold, if they can be sold.)
- Nexia is making progress on completing its year-end financial statements in anticipation of becoming fully reporting under the Securities Exchange Act of 1934, which could lead to eventual listing on the OTC Bulletin Board.
- Nexia believes that it will be able to settle out in excess of $350,000 in secured debt through the issuance of preferred shares by March 31. Nexia is working on settling out upwards of an additional $600,000 in debt, which may significantly improve its net equity.
- Revel Entertainment, LLC, Nexia's newly acquired entertainment company, is on track to complete the production of its first feature length film, "The Kane Files." We have plans to acquire interests in other films and increase our ownership rights in "The Kane Files."
- Nexia's various real estate subsidiaries continue to operate a 7,000 square foot retail property, several residential homes, raw land, and continue to look for additional promising properties to acquire under its Real Estate Acquisition Strategy.
Richard Surber, CEO of Nexia Holdings, Inc, stated, "The above is a list of some of the items that my team has been working on over the last few months. My goal is to clean up Nexia's balance sheet, ramp up our entertainment division, expand our hair salon operations, and acquire additional real estate. We are a small company with big ambition. Nexia, through its subsidiaries, employs close to 50 talented professionals and we expect to welcome additional staff members as we move our various businesses forward. I am excited about our prospects in 2010."
About Nexia Holdings, Inc.
Nexia Holdings, Inc. (
Nexia strongly encourages the public to read the above information in conjunction with its reports filed at www.pinksheets.com. Nexia will require a significant influx of capital in order to effectively execute upon its various operational plans. The actual results that Nexia may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Investors should not invest more than they can afford to lose in penny stocks.