WILSHIRE ENTERPRISES, INC.
ANNOUNCES BOARD NOMINATIONS
NEWARK,
NJ – May 29, 2007 – Wilshire Enterprises, Inc. (AMEX: WOC) announced today that
its Board of Directors accepted its Nominating Committee’s recommendation to
nominate Ernest Wachtel and W. Martin Willschick, both existing directors of
Wilshire Enterprises, for election to the Board at the Company’s 2007 Annual
Meeting of Stockholders.
The
Company’s Chairman and Chief Executive Officer previously received a letter from a stockholder of the Company
(Full Value Partners L.P.) which stated that at the 2007 Annual Meeting, Full
Value intended to nominate Andrew Dakos and Timothy Brog for election as
directors of the Company and propose that the Company’s investment banker
promptly conduct an auction to sell the Company to the highest bidder. The Nominating Committee and the Board
decided not to nominate these two individuals.
The Committee and the Board believe
that since the Company is actively engaged in exploring
alternatives to maximize stockholder value, including exploring opportunities
to sell or merge the Company, there was no need to nominate Full Value’s
nominees. In addition, the Nominating
Committee interviewed these individuals and considered their qualifications in
making its decision.
About Wilshire Enterprises
Wilshire is engaged primarily in the ownership
and management of real estate investments in
Arizona
,
Florida
,
Texas
and
New Jersey
. Wilshire’s portfolio of properties includes 5
rental apartment properties with 950 units, 15 condominium units, 4 buildings
with 231,000 square feet of office and retail space and slightly over 18 acres
of land.
Forward-Looking Statements
The
non-historical statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are subject to several risks and
uncertainties that could cause actual results to differ
materially from such statements. Such risks and uncertainties include the impact
of market, economic and competitive conditions on the Company and others,
and the difficulty of predicting the
outcome of the process that the Company is pursuing with is investment banker,
as well as other risks and uncertainties disclosed in the Company's 2006 Form
10-K filed with the Securities and Exchange Commission. There can be no assurance that the
exploration of strategic alternatives will result in any transactions.
Company Contact: Sherry
Wilzig Izak, Chairman, 201-420-2796
Agency Contact: Neil
Berkman, Berkman Associates, 310-826-5051
