Nexia Holdings announced this morning that it has closed the acquisition of 90% of Green Endeavors, Inc’s (GRNE.OB) issued and outstanding stock from AmeriResource Technologies (AMRE.OB), in exchange for 150,000 restricted shares of its Series C Preferred Stock, which has a stated value of $5.00 a share. The Company plans to introduce its Landis Lifestyle Salon operations to the new majority-owned subsidiary.
President of Nexia Holdings, Inc., Richard Surber, stated, “The acquisition of GRNE is a winning situation for all parties. Existing shareholders of Nexia stand to gain a stock dividend in GRNE directly, which not only immediately adds to shareholder value but provides an incentive for Nexia shareholders to remain long-term holders. GRNE will be able to supplement the cash needs of our salon operations, while AMRE will be able to streamline its operations and will remain a minority holder in GRNE and Nexia. GRNE shareholders will own part of a fast-growing salon operation with ambitious growth plans, which Nexia believes will generate over $2.2 million in gross revenues in 2007.”
Delmar Janovec, CEO of AMRE, commented, “I am very impressed with Nexia’s operations. This transaction should provide significant value to AMRE’s shareholders in the form of increasing the value of its remaining GRNE shares as well as being a groundfloor investor in Landis salons and Nexia’s newly aligned operations. I have confidence in Richard Surber and his team to grow and create shareholder value for everyone involved.”
Matthew Landis, founder and head stylist of Landis, said, “Our intention is to use our new public vehicle to roll-up additional salons that sell AVEDA(TM) products, and potentially other environmentally conscious health and beauty companies. The explosive growth in organic, natural skin and hair care is a trend taking over the world, and with additional access to capital, we can accelerate our growth. We are considering acquiring numerous established salon operations in the Greater Salt Lake City Area and have discussed creating franchises for the Landis Salon operation that could lead to a national expansion.”
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