SALT LAKE CITY, UT -- (Marketwire) -- 07/22/09 -- Nexia Holdings, Inc. (PINKSHEETS: NXHD)
announced today that its subsidiary Kearns Development Corporation signed a
Real Estate Purchase Contract for the sale of the office building located
on Sam's Boulevard in Salt Lake City, Utah. The agreement for the sale of
the property provides for a purchase price of $700,000, with an earnest
money deposit of $7,000.
The contract provides for deadlines that would lead to closing of the sale
on or before August 31, 2009.
CEO Richard Surber observed, "The existing mortgage on the property is
currently less than the sales price, thus the sale will allow the company
to satisfy both long term and short term debts from the company's books
relating to the property. The elimination of the expenses relating to the
property will improve Nexia's cash flow. In addition, Nexia will be able
to shift valuable resources to endeavors that will further grow Nexia."
About Nexia Holdings, Inc.:
Nexia Holdings, Inc. (PINKSHEETS: NXHD), headquartered in Salt Lake City,
Utah, is a diversified holdings company with operations in health & beauty
and real estate. Nexia's subsidiary, Green Endeavors, LTD (PINKSHEETS: GRNE), www.green-endeavors.com, owns a majority interest in Landis Salons,
Inc., www.landissalons.com, a hair salon built around the world-class
AVEDA(TM) product line. Visit www.nexiaholdings.com to learn more.
Nexia strongly encourages the public to read the above information in
conjunction with its Form 10-K for December 31, 2007 and the subsequent
quarterly filings and disclosures in 2008 and 2009. Nexia's disclosures
can be viewed at www.nexiaholdings.com, www.sec.gov, and
www.pinksheets.com. Nexia ceased being a fully reporting company in April
2009. Investors are cautioned that they should not invest anymore than
they can afford to lose in penny stocks.
