NXIAE news uting .006x .007 Nexia Acquiring Designer Clothing Labels
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SALT LAKE CITY--(BUSINESS WIRE)--Aug. 28, 2003--Nexia Holdings Inc. (OTCBB: NXIA) announced today that it has signed a binding letter of intent to acquire Black Chandelier Inc. (BCI), a newly formed corporation, which owns the licensing rights and controls the Los Angeles-based clothing labels Jared Gold and Black Chandelier. This transaction will allow Nexia to manage and grow the Jared Gold/Black Chandelier labels which have been operated through a sole proprietorship since 1997. Immediate actions to be taken will be: fortifying the sales force, stabilizing operations through working capital, assistance in securing pending contracts with large retailers, and maintaining strict adherence to aesthetics and the original spirit of the company.
Nexia intends to acquire a 100 percent interest in BCI for 5 million shares of its restricted common stock. BCI assets include several trade marks, a large volume of perfected digital pattern, sample shop equipment, a library of silk screens, Web sites and domain names, a large archive of past collection and spec sample, and gigabytes of digital artwork for screen prints. The clothing label Jared Gold has shipped to the largest department stores and specialty boutiques including: Barneys New York, Brown's Focus London, and Beams Tokyo. The philosophy behind this label is affordable pricing and the highest quality of adventurous design and fit. The Black Chandelier label, originally intended as a T-shirt collection, has now evolved into a four-season collection that encompasses a large denim group as well as accessories and prefabricated T-shirts. The success of these labels is based on its under distribution, and the demand for its specialized aesthetic. The dark and gloomy direction of the designs and prints appeals to an educated, artistic audience with cult following tendencies. Being well recognized by the press and retailers alike, the Jared Gold and Black Chandelier labels continue to be lavished with attention by appearances on television shows such as "Buffy the Vampire Slayer" and "Absolutely Fabulous," as well as numerous editorials in the world's most exclusive magazines, newspapers, and Web sites.
The principle designer and originator of the collections, Jared Gold, will be retained to ensure the consistency of design. Gold's resume includes lecturing at Otis College of Art on fashion theory and designing promotional products for Nike and Dermalogica. His industry connections in selling, distribution, production, and public relations will be invaluable in maintaining the integrity of the labels.
The acquisition is expected to take no longer than 30 days to complete.
Nexia is currently a diversified holding company that provides financial consulting services to private and public companies within a distinctive compensation structure that emphasizes securities based consideration. Nexia is in the process of transforming itself into a business development company whose purpose will be to grow promising companies.
For more information on Nexia's business and real estate holdings, please visit www.nexiaholdings.com. For more information on Nexia's consulting services, please visit www.hudsonconsult.com. Nexia strongly encourages the public to read the above information in conjunction with its Form 10KSB for Dec. 31, 2002, and Form 10QSB for March 31, 2002. The above documents can be viewed at www.sec.gov.
A number of statements contained in this press release are forward-looking statements which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, notwithstanding the fact that such act may not be available to Nexia. These forward-looking statements involve a number of risks and uncertainties, including the timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure sufficient financing to complete the transaction. The actual results that Nexia may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.
CONTACT: Nexia Holdings, Inc., Salt Lake City
Richard Surber, 801-575-8073
Fax: 801-575-8092
hudconsult@aol.com
NEXIA HOLDINGS INC## - NXIA
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08/28/03 09:33 AM EDT