SALT LAKE CITY, Oct. 8 /PRNewswire/ -- Nexia Holdings, Inc. (Pink Sheets: NXHD), a diversified holdings company, filed its quarterly financials on the OTC Markets website today. The filing today is a big step towards Nexia obtaining current information status on Pink Sheets.
Richard Surber, CFO, stated, "The June disclosures meet the requirements set forth by Pink Sheets. My intent is to amend the March 2010 quarterly financial report and December 31, 2009 year-end financial report such that the disclosures meet the requirements of a current information issuer. Nexia's accounting department is on track to complete its September 2010 quarterly financial report on time. Upon filing the September 2010 quarterly financial report, Nexia will obtain a current information designation from Pink Sheets."
Mr. Surber continued, "My plan is to file a Form 10 with the Securities and Exchange Commission upon obtaining an audit report for the fiscal years ended 2009 and 2010. It is of critical importance that Nexia provide the most accurate and transparent information possible on a timely basis as the Nexia team strengthens its core businesses."
One notable improvement for the six months ended June 30, 2010, compared to June 30, 2009, is a $1,361,550 or 58% decrease in G&A expenses on improved gross revenues of $1,094,422. This is a $26,912 improvement over the same period in 2009.
Richard Surber, CFO, added, "I expect further financial improvements including: 1. an increase in gross revenues, as result of our new Landis Lifestyle Salon opening in late September and 2. a decrease in liabilities of up to $1,000,000 as a result of restructuring efforts to be reflected in the September 30, 2010 financials. Furthermore, I expect further increases in gross revenues for the fourth quarter based upon the opening of our newest salon whose sales are already outpacing our former location in Bountiful. We have hired 14 additional stylists at the time of this release and anticipate hiring another 14 stylists over the next 6 months. It will take about 90 days before all or a significant portion of these new hires will be allowed onto the floor, while we train them to meet our high standards of excellent guest service. All new hires have about 30 days to prove to management that they have what it takes to be a part of our team."
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., fully reporting company (GRNE), www.green-endeavors.com, which wholly owns Landis Lifestyle Salons, http://www.landissalons.com, hair salons built around the world-class AVEDA™ 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: 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
SOURCE Nexia Holdings, Inc.