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Nexia subsidiary signs real estate sales contract for $700,000

SALT LAKE CITY-- Nexia Holdings, Inc. announced today that its subsidiary Kearns Development Corporation signed a Real Estate Purchase Contract for the sale of the office building located on Sam's Boulevard in Salt Lake City, Utah. The agreement for the sale of the property provides for a purchase price of $700,000, with an earnest money deposit of $7,000.

The contract provides for deadlines that would lead to closing of the sale on or before August 31, 2009.

CEO Richard Surber observed, "The existing mortgage on the property is currently less than the sales price, thus the sale will allow the company to satisfy both long term and short term debts from the company's books relating to the property. The elimination of the expenses relating to the property will improve Nexia's cash flow. In addition, Nexia will be able to shift valuable resources to endeavors that will further grow Nexia."

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