Wilshire Enterprises Announces Sale of Georgia Apartment Complex
2006年9月20日 - 8:00PM
PRニュース・ワイアー (英語)
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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