Exhibit 99.1
FOR IMMEDIATE RELEASE
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AMEX: WOC
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Wilshire Confirms Approach by Parties Interested in Acquiring Real Estate
Business and Entire Company
JERSEY CITY, N.J., September 4, 2003 -- Wilshire Enterprises, Inc. ("Wilshire"
or the "Company") (Amex: WOC) announced today that several parties have
approached the Company's investment banker, Deloitte & Touche Corporate Finance
LLC ("D&TCF"), expressing a preliminary interest in acquiring the Company.
Wilshire is engaged in the ownership and management of real estate properties
and in the exploration and development of oil and gas.
Chairman and Chief Executive Officer Sherry Wilzig Izak commented: "As a result
of the strategic review process initiated by the Board of Directors in 2002, the
Company continues to evaluate all alternatives to maximize shareholder value.
D&TCF has recommended to the Board that the Company enter into discussions with
qualified parties in regard to selling all of the outstanding stock of the
Company."
Ms. Izak continued by saying: "As previously announced, the Company has been
preparing to market its oil and gas business to prospective purchasers. While
the Company has not entered into discussions with any parties interested in all
or part of the Company, we currently plan on providing detailed information
regarding the Company to qualified potential buyers commencing during the
remainder of the third quarter and the fourth quarter of 2003. While the Company
will evaluate offers for both its businesses, it does not intend to consider the
sale of its real estate business without the concurrent sale of its oil and gas
business."
Ms. Izak continued: "Currently, we cannot assure our stockholders of any actions
or timing of potential actions including the sale of the entire Company or the
oil and gas business. Our focus remains on maximizing shareholder value and we
remain committed to exploring all possible alternatives."
In order to provide the Company's shareholders with a greater understanding of
the Company's real estate investment portfolio, additional information is being
provided in this press release. As of August 31, 2003 the Company's real estate
investments are located in five states including Arizona, Texas, Florida,
Georgia and New Jersey. This diversified portfolio includes multifamily
buildings with approximately 1,800 residential units, commercial buildings, land
leases and vacant land parcels. The following chart provides summary information
on the Company's real estate investments:
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Wilshire Real Estate Investments as of August 31, 2003
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Location Name of Investments Description Units Area
(Sq. Ft.)
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Mesa, AZ Royal Mall Plaza Retail / Medical NA 66,000
Phoenix, AZ Biltmore Residential 378 191,000
Tempe, AZ Tempe Corporate Office NA 51,000
Tucson, AZ Sunrise Residential 340 292,000
Tucson, AZ Van Buren Residential 70 81,000
San Antonio, TX Wellington Residential 228 211,000
San Antonio, TX Summercreek Residential 180 142,000
Ft. Lauderdale, FL Palm Terrace Residential 34 24,000
Pompano Beach, FL Pebblewood Residential / Office 22 32,000
Tamarac, FL Tamarac Office NA 27,000
Riverdale, GA Twelve Oaks Residential 72 91,000
Jefferson, NJ Jefferson Gardens Residential 22 16,000
Jersey City, NJ Jersey City Residential Properties Residential 252 72,000
Jersey City, NJ Jersey City Commercial Property Retail / Office NA 23,000
Long Branch, NJ Galsworthy Arms Residential 45 40,000
Perth Amboy, NJ Bertrand Ave Residential 22 12,000
Perth Amboy, NJ Amboy Towers Office NA 75,000
Rutherford, NJ Rutherford Bank Facility NA 2,000
Sussex, NJ Alpine Village Residential 132 102,000
West Orange, NJ The Wilshire Grand Hotel Hotel 89 Rooms 59,000
Banquet Facility NA 50,000
South Brunswick, NJ Schalk Station Land 36.8 acres
Sussex, NJ Alpine Village Land 17.5 acres
Montville, NJ _ Land 14.9 acres
Lake Hopatcong, NJ _ Land 2.0 acres
Jersey City, NJ Oakland-Washburn Land / Other 1.8 acres
West Orange, NJ _ Land 0.6 acre
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Ms. Izak concluded: "We are pleased that The Wilshire Grand Hotel opened its
hotel facility in August 2003 and is in the process of completing the
construction of its banquet, conference center and spa facilities. As previously
disclosed, Wilshire entered into a 25-year triple net lease with a well
established company to operate this property."
Wilshire is an American Stock Exchange listed corporation engaged in the
ownership and management of real estate properties in Arizona, Florida, Georgia,
New Jersey and Texas and in the exploration and development of oil and gas in
the United States and Canada. Prior to June 30, 2003, the Company was called the
Wilshire Oil Company of Texas.
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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. Although the Company believes that the underlying assumptions and
expectations reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to be correct. The Company's
business and prospects are subject to a number of risks which could cause actual
results to differ materially from those reflected in such forward-looking
statements, including uncertainties inherent in any attempt to sell one or more
portions of the Company at an acceptable price, volatility of oil & gas prices,
the need to develop and replace reserves, risks involved in exploration and
drilling, uncertainties about estimates of reserves, environmental risks
relating to the Company's oil & gas and real estate properties, competition, the
substantial capital expenditures required to fund the Company's oil & gas and
real estate operations, market and economic changes in areas where the Company
holds real estate properties, interest rate fluctuations, government regulation,
and the ability of the Company to implement its business strategy. A discussion
of these and other risks and uncertainties are disclosed in the Company's 2002
Form 10-K filed with the Securities and Exchange Commission.
Wilshire is being advised by Deloitte & Touche Corporate Finance, LLC.
For stockholder inquiries: please contact Philip Kupperman, President, Wilshire
Enterprises, Inc. at 201-420-2796
For transaction inquiries: please contact Daniel C. Pryor of Deloitte & Touche
Corporate Finance LLC at 212-436-6545.
SOURCE: Wilshire Enterprises, Inc. (WOC)
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