SALT LAKE CITY, Nov. 12, 2010 /PRNewswire-FirstCall/ -- Nexia Holdings, Inc. (Pink Sheets: NXHD), a diversified holdings company filed its third quarter financials on the OTC Markets website today. Nexia only needs to update its 2009 Annual Report to include a statement of equity and cash flows, along with an attorney's opinion to obtain current information status on Pink Sheets.
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Richard Surber, Nexia Holdings, Inc.'s CFO, stated, "The September 30, 2010 disclosures meet the current information requirements set forth by Pink Sheets. The December 31, 2009 year-end financial report will be updated by the end of November. Once the updated year end disclosure is filed, Nexia will be designated as a current information issuer. I will reiterate my intent is to get Nexia Holdings back to fully reporting status by filing a Form 10 in 2011."
Mr. Surber continued, "Readers of the report should note that Nexia sold off several subsidiaries as part of its plans to streamline the company. Nexia eliminated over $1M in current liabilities and has plans to further reduce liabilities by negotiated settlements, and settling debt for equity. My hope is that Nexia can eliminate over $1M in additional liabilities over the coming months."
Several notable improvements for the three and nine months ended September 30, 2010:
-- A $2M improvement in net losses for the three months ended September 30, 2010, compared to the comparable three months in 2009; -- A $3M improvement in net losses for the nine months ended September 30, 2010, compared to the comparable nine months in 2009; -- A reduction in total cost and expenses of $1.8M and $3M for the three and nine months ended September 30, 2010, respectively, over the comparable periods in 2009; -- A reduction in current liabilities of $1M at September 30, 2010, compared to December 31, 2009.
Mr. Surber concluded, "We are making very good progress in our turnaround efforts and I expect a solid foundation will be laid for future growth in 2011 and beyond."
About Nexia Holdings, Inc.
Nexia Holdings, Inc. (Pink Sheets: NXHD), headquartered in Salt Lake City, Utah, is a diversified holdings company with operations in entertainment, real estate, and health & beauty. Nexia owns a majority interest in Green Endeavors, Inc., (Pink Sheets: GRNE) http://www.green-endeavors.com/, a fully reporting company, which wholly owns two Landis Lifestyle Salons, http://www.landissalons.com/, hair salons built around the world-class AVEDA(TM) product line. For more information, visit http://www.nexiaholdings.com/.
Nexia strongly encourages the public to read the above information in conjunction with its financial disclosures which can be viewed at http://www.otcmarkets.com/stock/NXHD/financials. Additional Nexia disclosures can be viewed at http://www.nexiaholdings.com/.
This press release reports information gathered on a preliminary basis for select points in time. The numbers are not audited, have not been reviewed by an independent accountant and are subject to change and further review as more information is gathered. This press release also contains forward-looking statements. 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. Investors should not invest more than they can afford to lose in penny stocks.
FOR MORE INFORMATION, CONTACT: Richard Surber, President Nexia Holdings, Inc. 801-575-8073 x 106 RichardSurber@nexiaholdings.com
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Nexia Holdings, Inc.
CONTACT: Richard Surber, President, Nexia Holdings, Inc.,
+1-801-575-8073, Ext. 106, RichardSurber@nexiaholdings.com
Web Site: http://www.nexiaholdings.com/
