NEWARK, N.J., Aug. 11 /PRNewswire-FirstCall/ -- 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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[Via Real Estate Newswire]
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