SALT LAKE CITY, Oct. 19 /PRNewswire-FirstCall/ -- Nexia Holdings, Inc. (OTC Bulletin Board: NEXA), a diversified holdings company with interests in health & beauty, fashion retail and real estate, announced today that it has closed on the purchase of 90% of the issued and outstanding stock of Green Endeavors, Inc. (OTC: GRNE) from AmeriResource Technologies, Inc (OTC Bulletin Board: AMRE), in exchange for the issuance of 150,000 restricted shares of Nexia's Series C Preferred Stock with a stated value of $5.00 per share. GRNE holds 13 million shares of BizAuctions, Inc. (OTC: BZCN) with a market value of approximately $950,000 and convertible debt of $171,000. GRNE is now a majority owned subsidiary of Nexia. Nexia has plans to spin-out its Landis Lifestyle Salon operations into the publicly traded Green Endeavors, Inc. (OTC: GRNE).
President of Nexia Holdings, Inc., Richard Surber, commented, "The acquisition of GRNE is a winning situation for all parties. Existing shareholders of Nexia stand to gain a stock dividend in GRNE directly, which not only immediately adds to shareholder value but provides an incentive for Nexia shareholders to remain long-term holders. GRNE will be able to supplement the cash needs of our salon operations, while AMRE will be able to streamline its operations and will remain a minority holder in GRNE and Nexia. GRNE shareholders will own part of a fast-growing salon operation with ambitious growth plans, which Nexia believes will generate over $2.2 million in gross revenues in 2007."
"BZCN shareholders may benefit through entering into a strategic alliance with Nexia's wholly-owned subsidiary Gold Fusion Laboratories, Inc., owner of the Black Chandelier retail brand. The Black Chandelier clothing operation will gain access to a popular channel to sell excess inventory through BZCN's online auction platform," added Surber.
Delmar Janovec, CEO of AMRE, said, "I am very impressed with Nexia's
operations. This transac
|SOURCE Nexia Holdings, Inc.|
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