NEWARK, N.J., Sept. 20 /PRNewswire-FirstCall/ -- Wilshire Enterprises, Inc. ("Wilshire" or the "Company") (AMEX:WOC) announced today that on September 15, 2006, the Company sold its Twelve Oaks Apartment Complex located in Riverdale, Georgia for $2.2 million. The Company recorded a profit, net of taxes, of approximately $0.4 million and retired approximately $1.6 million of debt on this transaction.
Sherry Wilzig Izak, Chairman and Chief Executive Officer of Wilshire, commented, "This divestiture demonstrates our continued commitment to execute on our previously announced strategy to increase shareholder value by redeveloping or repositioning certain properties and selling non-core assets. Since Twelve Oaks was an under achieving asset, this divesture will help improve our net operating results, decrease our debt burden and allows management to focus on our goal of improving the operating results of our core assets." Since 2002 the Company has received approximately $95 million in gross proceeds from asset sales (including the sale of all of its oil and gas properties).
About Wilshire Enterprises Wilshire is engaged primarily in the ownership and management of real estate investments in the United States including the sunbelt states of Arizona, Florida, and Texas.
FORWARD-LOOKING STATEMENT: The non-historical statements (including the statements regarding the Company's strategy to increase shareholder value) 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 uncertainties inherent in any analysis of business transactions, including the impact of market, economic and competitive conditions on the Company and others, as well as other risks and uncertainties disclosed in the Company's 2005 Form 10-K filed with the Securities and Exchange Commission.
Company Contact: Sherry Wilzig Izak, Chairman, 201-420-2796 Agency Contact: Neil Berkman, Berkman Associates, 310-826-5051 DATASOURCE: Wilshire Enterprises, Inc.
CONTACT: Company Contact: Sherry Wilzig Izak, Chairman of Wilshire Enterprises, Inc., +1-201-420-2796; or Agency Contact: Neil Berkman of Berkman Associates, +1-310-826-5051, for Wilshire Enterprises
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