SALT LAKE CITY, UT--(MARKET WIRE)--Feb 25, 2009 -- Nexia Holdings, Inc. (OTC BB:NXHD.OB - News) reported that it has executed a Letter of Intent with Cedar Crest Development, Inc. to acquire 19 residential lots known as the Hooper Haven Subdivision, located in the City of Hooper, Utah. The subdivision consists of 22 residential lots, of which three have been sold to third parties; the lots are all suitable for single family residences. The Letter of Intent provides for the delivery to the sellers of 400,000 restricted shares of Series C Preferred Stock, these shares would have a stated conversion value of $2,000,000.
The lots are currently encumbered by a deed of trust that is in default. Based upon our due diligence, Nexia believes that it will have about 12 months to cure the default. Richard Surber, CEO of Nexia, stated that, "This type of real estate play is the type of transaction that our Real Estate Acquisition Strategy is designed for. Nexia's team will work hand in hand with the prior owners and the bank to cure the default. The anticipated result will be a great piece of real estate free and clear of debt within 12 to 24 months held by a Nexia company. The level of success is highly dependant on market conditions for Nexia's common stock and/or the local real estate market."
Mr. Surber further commented that, "Upon closing this transaction, I believe that it is safe to say that Nexia will have made significant progress in its efforts to build a portfolio of real estate holdings. The signing represents measurable progress by Nexia's real estate management team. The subdivision is one of several prospects that the Nexia team will be working on in the coming months." Nexia president Richard Surber concluded, "I am optimistic that many additional opportunities will be executed upon under our Real Estate Acquisition Strategy. Nexia's team has shown great promise in identifying opportunities. I look forward to the successful conclusion of this project and many more."
About Nexia Holdings, Inc.:
Nexia Holdings, Inc. (OTC BB:NXHD.OB - News), headquartered in Salt Lake City, Utah, is a diversified holdings company with operations in real estate, health & beauty, and fashion retail. Nexia's subsidiary, Green Endeavors, LTD (Other OTC:GRNE.PK - News), www.green-endeavors.com, owns a majority interest in Landis Lifestyle Salon, www.landissalons.com, a hair salon built around the world-class AVEDA(TM) product line. Through its Style Perfect, Inc. subsidiary, Nexia owns the innovative retail and design firm Black Chandelier and its related brands. Black Chandelier currently operates an online store at www.blackchandelier.com. For more information, 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 the subsequent quarterly filings and disclosures in 2008 and 2009. Nexia's disclosures can be viewed at www.nexiaholdings.com and www.sec.gov.
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