|By Marketwired .||
|January 24, 2014 02:45 PM EST||
SALT LAKE CITY, UT -- (Marketwired) -- 01/24/14 -- Nexia Holdings, Inc. (PINKSHEETS: NXHD) is pleased to release the following letter to its shareholders:
Over the last several years Nexia has focused its efforts on redefining, restructuring and developing its operations. Nexia has dissolved several subsidiaries, extinguished a substantial amount of debt and restructured its preferred and common stock through retiring large blocks of such shares. Efforts to improve Nexia's financial position will continue through 2014.
My team expects to bring Nexia's financials' current with OTC Markets. Once Nexia regains current status on OTC Markets, we will look to bring Nexia back to fully reporting status with the Securities and Exchange Commission. Our website is currently being revamped and we expect to improve our online presence on our Facebook, Twitter, YouTube and LinkedIn accounts upon completion of retooling our site at www.nexiaholdings.com.
Nexia, through its film subsidiaries WG Productions Company (FKA Revel Entertainment, Inc.) and Redline Entertainment, Inc., has established a foothold in the production and distribution of feature length films. WG is a film production company and Redline is a film distribution company. Nexia's intent is to step-up its efforts in producing and distributing its own independent feature length films, as well as performing production and distribution services for outside parties for fees.
Some notable films that WG and Redline have worked on include: The Kane Files, Scoot & Kassie's Christmas Adventure, K-9 Adventures: Legend of the Lost Gold, The Adventures of RoboRex, Love and Mary, Vamp U, Moving McAllister, Repo, The Crown and Dragon, and Pirates of the Great Salt Lake. Some of the notable actors that have starred in the above films include: Mila Kunis, Jon Heder, Jason Mewes, and Luke Perry. WG was recently retained to produce five films for a third party. Our team is currently working on the second film and we will release trailers for the films upon their completion. Depending on certain revenue recognition rules that we are currently researching, it is likely that our film revenues may exceed revenues from our other operations by 2015. Please see IMDB or our YouTube page at https://www.youtube.com/user/nexiaholdings to view trailers of the films.
Nexia's 90% owned subsidiary, Green Endeavors, Inc. (OTCQB: GRNE), is on track to release its annual results in its Form 10K by April 15, 2014. GRNE has grown its top line revenues every year since acquiring the Landis Lifestyle Salon operations. We will continue our efforts to increase same store sales while seeking additional locations. GRNE currently has three locations that hold the licenses to sell a full array of Aveda products. Aveda is a subsidiary of Estee Lauder Companies. Revenues for 2013 are expected to exceed $3.5M. GRNE posted a net profit for the quarter ended September 30, 2013. We are looking to raise at least $1M to acquire or build out additional locations. Our long term plan includes expansion outside of Utah.
Nexia's various real estate subsidiaries operate a 6,000 square foot retail property and 2 residential homes. Nexia will continue to look for additional promising properties to acquire.
Our team is ready for a very successful 2014. I feel that we have recreated Nexia and set the stage for success. Please stay tuned for additional disclosures and press releases as we grow our operations.
CEO and Director
About Nexia Holdings, Inc.:
Nexia Holdings, Inc. (PINKSHEETS: NXHD), headquartered in Salt Lake City, Utah, is a diversified holdings company with operations in entertainment, health & beauty, and real estate, Nexia owns a majority interest Green Endeavors, Inc. (OTCQB: GRNE), www.green-endeavors.com, which operates Landis Lifestyle Salons, www.landissalons.com, hair salons built around the world-class AVEDA product line and Aveda at City Creek. www.avedaatcitycreek.com. Through its newly acquired entertainment division, WG Productions Company and Redline Entertainment, Inc., Nexia has plans to acquire the rights to several independent films as well produce independent feature length films for third parties and for its own account. For more information, visit www.nexiaholdings.com.
Nexia strongly encourages the public to read the above information in conjunction with its reports filed at www.pinksheets.com. Nexia will require a significant influx of capital in order to effectively execute upon its various operational plans. The actual results that Nexia 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.