SOURCE: Nexia Holdings

Nexia Holdings

July 11, 2011 07:00 ET

Nexia Retires Block of Series C Convertible Shares and Reduces Authorized Shares

SALT LAKE CITY, UT--(Marketwire - Jul 11, 2011) - Nexia Holdings, Inc. (PINKSHEETS: NXHD) reported today that it has retired 146,300 shares of Nexia's Series C Preferred Stock, with a stated conversion value of $731,500. An agreement is pending to retire an additional 40,000 shares of Series C Preferred Stock with a stated conversion value of $200,000 during the month of July. These actions are in addition to the 200,000 shares of Series C Preferred Stock with a stated conversion value of $1M that were retired in January of 2011.

Richard Surber, CEO of Nexia, commented, "I am aggressively pursuing a strategy that is designed to further clean up Nexia's capital structure. I anticipate that Nexia will have retired or otherwise returned to treasury a total of nearly $2M in convertible Series C Preferred Shares by the end of July. In addition, Nexia has prepared the necessary documents to reduce its authorized shares by about 75% and will file the documents making the reduction official with the state of Utah today."

Mr. Surber reiterated that, "Nexia plans to take further actions to redeem or otherwise cancel additional shares as well as place further restrictions on how many shares of Series C Preferred can be converted into shares of common stock, by allowing for a hold for up to 90 days on any conversions requested, in an effort to curb additional supply of common shares from coming into the market."

About Nexia Holdings, Inc.:
Nexia Holdings, Inc. (PINKSHEETS: NXHD), headquartered in Salt Lake City, Utah, is a diversified holdings company with operations in entertainment, health & beauty, and real estate. Nexia owns a majority interest in Green Endeavors, Inc. (OTCQB: GRNE) (PINKSHEETS: GRNE), www.green-endeavors.com Green Endeavors Facebook, which operates Landis Salons, Inc. and Landis Salons II, Inc., www.landissalon.com Landis Salons Facebook, hair salons built around the world-class AVEDA product line. Through its entertainment division, Revel Entertainment, Inc., Nexia has plans to acquire the rights to several independent films. More information can be found by visiting www.nexiaholdings.com, Nexia Holdings' Facebook, Multivu Link or visit The Kane Files Facebook.

Nexia strongly encourages the public to read the above information in conjunction with its reports filed at www.pinksheets.com. Investors should not invest more than they can afford to lose in penny stocks.