SALT LAKE CITY, Aug. 30, 2005 (PRIMEZONE) -- Nexia Holdings, Inc. (OTCBB:NEXHE) announced today that it has signed a Definitive Acquisition Agreement to acquire a 100% interest in Axis Labs, Inc. in exchange for 165,000 shares of Nexia's Class C Preferred Stock.
Axis Labs is a research, development and manufacturing start up whose focus is the development of Molecular Imprinted Polymers (MIPs) for various commercial applications. Axis is currently in the process of developing MIPs applications for use as removal process of BigDye Terminators(r) in DNA sequencing that will save the industry several steps and many dollars, removal of arsenic from drinking water for large scale water treatment plants, as well as point of use applications and a saliva based illegal drug test which will provide "real time" detection of the presence of illegal substances.
Nexia's CEO Richard Surber commented, "We are assembling all of the necessary elements to build substantial value for Nexia and its shareholders. The planned acquisition of Axis Labs, Inc., the recent signing of an Investment Agreement for an equity line of credit up to U.S. $10 million with Dutchess coupled with our existing real estate portfolio could be a three pronged recipe for success. I will be focusing my energies over the next month on completing the necessary financing documents with outside counsel. I am optimistic that Nexia will not only be able to provide the necessary financial foundation to assist Axis in executing its impressive business model but will also be able to obtain the necessary capital resources to grow its real estate portfolio."
The Axis team has already filed for provisional patent protection on one of its targeted technologies and has numerous patent disclosures prepared for filing as time and resources permit.
The market has demanded of Axis the development of its current targeted technologies. Relationships are being cultivated to expand the market beyond the relationships in place with companies seeking solutions to their water remediation needs for arsenic, the removal of BigDye Terminators(r) in the genetic sequencing process and the need for real time saliva/oral drug tests for drugs of abuse.
Dr. Glen Southard, Ph.D., Director of Research and Development for Axis, commented that, "Advances in molecular imprinting, coupled with powerful new concepts in polymer science have enabled MIPS to enter the real world in more than niche applications. MIPs have the potential for enhancing the lives of vast numbers of people by dramatically improving drinking water quality in areas with profound problems."
Axis' CEO James Harward commented that, "Nexia's acquisition of Axis will be the first step in bringing Axis' technology to market. Nexia will play a key role in funding the development of Axis' MIPs technology."
Kent Johnson Director of Marketing and Sales noted that, "SEQuester(tm), the patented star product in this new generation of super filters, is intended for the genomics market of automated DNA sequencing laboratories. The product offers sizeable labor savings in the processing of DNA samples and fully enables robotic sequencers. We have discussed tentative agreements for brand alliances and manufacturing through well known distribution channels in the DNA products industry, an overall market worth an estimated U.S. $4 billion."
Nexia strongly encourages the public to read the above information in conjunction with its Form 10-KSB for December 31, 2004 and Form 10-QSB for March 30, 2005. Nexia's disclosures can be viewed at www.sec.gov. This press release is not a solicitation to buy or sell any securities. Nexia strongly encourages investors not to invest any monies which they cannot afford to lose. Nexia is a high-risk security known as a penny stock.