SALT LAKE CITY, Oct. 25 /PRNewswire-FirstCall/ — Nexia Holdings, Inc. (OTC Bulletin Board: NEXA), a diversified holdings company with interests in health & beauty, fashion retail and real estate, today announced its plans for distributing a stock dividend in Green Endeavors, Ltd. (OTC: GRNE).
Nexia’s plan to distribute a stock dividend in GRNE is underway. The steps that need to be taken before the stock dividend occurs are as follows:
- Nexia must sell its interest in Landis LLC and Reflections LLC to a wholly owned subsidiary of GRNE. The terms of the sale of these businesses to GRNE is being formulated.
- Proper exemption from registration or “no sale” opinion letter needs to be obtained from counsel to ensure compliance with all federal and state securities laws.
- Retention of SEC peer review audit firm
- Complete disclosure documents and financials need to be complete for GRNE after it acquires the salon operations.
- Determine how many shares of GRNE will be entitled to Nexia shareholders (ratio or pro rata spin-off)
- Completion of GRNE web site with complete investor information
- Review of Regulation D to ensure that such a spin-off or stock dividend is not integrated into an anticipate Rule 504 offering.
Nexia also intends to resubmit a Form 15c2-11 to a market maker so that GRNE is eligible for trading on the Pink Sheets on a solicited basis to improve liquidity and ability to trade GRNE. After GRNE completes its Rule 504 offering, we anticipate filing a Form 10SB to make GRNE a fully reporting company with the U.S. Securities and Exchange Commission. GRNE could then be listed to the OTCBB or Small Cap NASDAQ, upon meeting certain listing requirements.
Richard Surber, president of Nexia, commented, “I have great expectations for GRNE and the expansion of the Landis Lifestyle Salon business model. We are in the process of creating a robust acquisition and expansion plan. The plan will allow us to quickly acquire and integrate existing salons as well as build out new locations. Our intent is to make sure that we are able to obtain the rights to sell AVEDA(TM) products exclusively at each salon location, which will adhere strictly to AVEDA(TM)’s operating guidelines. GRNE could meet the net asset requirements to be listed on the NASDAQ small cap with as few as 10 salon locations.”
About Nexia Holdings Inc.
Nexia Holdings Inc. (OTC Bulletin Board: NEXA), headquartered in Salt Lake City, Utah, is a diversified holdings company with operations in health & beauty, fashion retail and real estate. The Company has been acquiring undervalued properties in the Salt Lake City area since the early 1990s. Nexia owns a majority interest in Landis Lifestyle Salon, http://www.landissalon.com, a hair salon built around the world-class AVEDA(TM) product line. Through its Gold Fusion Laboratories subsidiary, Nexia owns the innovative retail and design firm Black Chandelier and its related brands. Black Chandelier is expanding nationwide, and currently operates four retail locations and online operations at http://www.blackchandelier.com. For more information, visit http://www.nexiaholdings.com and http://www.richardsurber.com.
Nexia strongly encourages the public to read the above information in conjunction with its Form 10-KSB for December 31, 2006 and 10-QSB for the quarter ended June 30, 2007. Nexia’s disclosures can be viewed at www.nexiaholdings.com and www.sec.gov. This press release contains forward-looking statements that are based on a number of assumptions, including the successful completion of the marketing plans and expansion of salon operations in a short period of time. The above statements further assume that Nexia can obtain sufficient capital to execute expansion plans through outside investments. Nexia’s assumptions are further contingent upon Nexia being able to properly staff its additional locations. 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.
FOR MORE INFORMATION, CONTACT:
Richard Surber, President
Nexia Holdings, Inc.
801-575-8073 x 106
RichardSurber (at) nexiaholdings (dot) com
For Investor Relations:
OTC Financial Network
rick (at) otcfn (dot) com
SOURCE Nexia Holdings, Inc.
© 2007 PR Newswire. All Rights Reserved.