Nexia Holdings Inc a diversified holding company with operations in real estate, health & beauty and fashion retail, announced that it has settled all claims arising from a debenture issued in 2004.
Nexia has issued 200,000 shares of Series C Preferred Stock to settle the claims in the amount of approximately $278,000. The parties have signed an Agreement and General Release that provides that all claims are being released in exchange for the preferred stock that is being issued.
Richard Surber, CEO of Nexia, said, "I am pleased with this opportunity to exchange debt for equity in the Company and believe that it will serve to strengthen the balance sheet and improve the financial performance of the Company, especially over the long term."
"I am excited to have this investment in Nexia's future growth and the confidence it expresses in our potential to achieve continued success."
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