Nexia forms a subsidiary to handle Black Chandelier

Deseret News (Salt Lake City), Jul 21, 2006

Salt Lake-based Nexia Holdings Inc. said Thursday it has formed a wholly owned subsidiary in preparation for its acquisition of the assets and liabilities of apparel store chain Black Chandelier.

The subsidiary is named Gold Fusion Laboratories Inc. Financial terms of the transaction have not been disclosed.

Diversified Holdings X Inc. operates Black Chandelier, which has retail locations at Trolley Square and The Gateway, plus a Web site. It also is negotiating for a third Utah location.

Nexia said Black Chandelier has generated about $175,000 in gross revenues so far this year, and Nexia is considering opening 20 more stores in the United States and abroad over the next three to five years, with a goal of $50 million in annual gross revenues by the fifth year of operations.