Wilshire Enterprises, Inc. Announces Lawsuit; Allegations Without Merit

2008-08-11 15:05:00

Wilshire Enterprises, Inc. Announces Lawsuit; Allegations Without Merit

    NEWARK, N.J., Aug. 11 /EMWNews/ -- Wilshire Enterprises,

Inc. ("Wilshire" or the "Company") (Amex: WOC) announced that a purported

class action complaint has been filed in connection with the proposed

merger of the Company with a wholly owned subsidiary of NWJ Apartment

Holdings Corp., an affiliate of NWJ Companies, Inc., a privately owned real

estate development company. The complaint alleges, among other things, that

the merger consideration is unfair and that the Company's definitive proxy

materials were deficient in certain respects. It seeks preliminary and

permanent injunctive relief, money damages, attorney's fees and costs. The

Company regards the allegations in the complaint as completely without

merit, and intends to vigorously defend the action.



    FORWARD-LOOKING STATEMENT:



    Any 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. The potential risks and

uncertainties include, among others, the possibility that the transaction

will not close or that the closing may be delayed, general economic

conditions, industry specific conditions and the possibility that Wilshire

may be adversely affected by other economic, business, and/or competitive

factors, as well as other risks and uncertainties disclosed in Wilshire's

2007 Annual Report on Form 10-K and in its definitive proxy materials filed

with the Securities and Exchange Commission.



    IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT:



    In connection with the proposed merger, Wilshire filed a proxy

statement with the Securities and Exchange Commission (the "SEC").

INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT

BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES

TO THE MERGER. Investors and security holders may obtain a free copy of the

proxy statement and other relevant documents filed with the SEC from the

SEC's website at http://www.sec.gov. Wilshire security holders and other

interested parties also may obtain, without charge, a copy of the proxy

statement and other relevant documents by directing a request by mail to

the Company at 1 Gateway Center, Newark, New Jersey, or by telephone to

201-420-2796.



    Wilshire and its directors and officers may be deemed to be

participants in the solicitation of proxies from Wilshire's stockholders

with respect to the merger. Information about Wilshire's directors and

officers and their ownership of Wilshire common stock is set forth in the

proxy statement relating to the merger.



    Company Contact: Sherry Wilzig Izak, Chairman, 201-420-2796



    Agency Contact: Neil Berkman, Berkman Associates, 310-826-5051





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