Diversified Acquires an Est. $2.5 Million in Real Estate.

Business Editors/Real Estate Writers

SALT LAKE CITY--(BUSINESS WIRE)--July 8, 2003

Diversified Financial Resources Corp. (OTCBB: DFRC), announced today that on June 30, 2003, it acquired a controlling interest in Wichita Development Corp. (Pink Sheets: WHDV) from Nexia Holdings Inc. (OTCBB: NXIA).

NXIA sold DFRC 100% of its shareholdings in WHDV. WHDV's real estate holdings consisted of two office buildings and a building with 18 residential apartments and a ground floor retail space. The buildings have combined square footage of approximately 76,847.

DFRC acquired the interest in WHDV from NXIA in exchange for a note in the amount of $150,000 and 1,000,000 shares of DFRC's restricted shares of common stock with a guaranteed liquidation value of $1,000,000.

The gross market value of WHDV's real estate holdings is estimated at $2.5 million with underlying debt of approximately $1.5 million. The real estate is being held on the books of WHDV and its subsidiaries at a depreciated cost basis of approximately $1,501,950.

The real estate held by WHDV or its subsidiaries includes the following:

Office building located at 268 West 400 South in Salt Lake City. The building is two stories with 14,347 net rentable square feet of office space. Salt Lake Development purchased the property on March 6, 1998, by exercising its option to purchase the property through the payment of $418,762. Salt Lake Development financed the purchase price and borrowed an additional sum of $222,489, which is secured by the property. At Dec. 31, 2002, the outstanding debt on the property was $569,410 with monthly payments of $5,934. The estimated market value of this building is believed to be about $1,000,000 based upon an MAI appraisal from 1999.

Salt Lake Development purchased a two-story 18-unit apartment building, located at 2402 Wall Ave. in Ogden, Utah, on July 23, 1998. The property includes an additional 7,500 square feet of commercial space. The total purchase price was $850,000. The balance owed at Dec. 31, 2002, was $590,560. The current financing is in default. Management is in the process of refinancing the property at a more favorable rate. The estimated market value is approximately $900,000.

The Trade Center Building: The building was purchased for $540,554 on Aug. 30, 2000. The Trade Center Building, which opened in 1921, is located in the downtown business district of Wichita, Kan., at 120 S. Market St. The building is a 48,500-square-foot, seven-story office building. WHDV holds title to the property subject to a mortgage of $273,173 at Dec. 31, 2002. The tax assessed value of the building is $600,000.

DFRC's president John Chapman commented, "This transaction is the first in hopefully a series of transactions to come whereby DFRC will begin its efforts to acquire significant real estate holdings. I am also excited to report that DFRC is diligently moving forward with its plans to commence its coal reclamation operations by the end of 2003. We are currently negotiating the purchase of a mining facility in Southern Utah which I anticipate will close by the end of July 2003. In addition, DFRC's offshore financing is successfully proceeding pursuant to 'Regulation S' and DFRC is receiving funds on a regular basis. In sum, DFRC is on track to build a successful mining reclamation and real estate company with significant upside potential for all investors that are in on what I believe to be the ground level."

DFRC is currently a holding company with operations in real estate. DFRC is currently embarking upon plans to enter the coal reclamation industry by the close of 2003 through its wholly owned subsidiary MT&C Land & Natural Resources Corp. Investors are strongly encouraged not to make an investment which they cannot afford to lose. Additionally, DFRC strongly encourages the public to read the above information in conjunction with its Form 10KSB for Dec. 31, 2002, and 10QSB for March 30, 2003. These disclosures can be viewed at www.sec.gov. DFRC's Web site can be viewed at www.dfrc.net.

This press release may contain forward-looking statements that are based on a number of assumptions, including expectations for continued market growth and anticipated revenue levels. Although DFRC believes these assumptions are reasonable, no assurance can be given that they will prove correct.

These forward-looking statements involve a number of risks and uncertainties, including competitive market conditions, successful integration of acquisitions, the ability to secure sufficient financing, federal and local environmental laws, local real estate market conditions and the liquidity of DFRC's shares of common stock in 12 to 24 months. The actual results that DFRC may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.