Wilshire Enterprises, Inc. Announces Expiration of Stockholder Rights Agreement

NEWARK, N.J., Sept. 2 /PRNewswire-FirstCall/ -- Wilshire Enterprises, Inc.
("Wilshire" or the "Company") (Amex: WOC) announced today that its Amended and
Restated Stockholder Protection Rights Agreement dated as of December 6, 2006,
as amended (the "Agreement"), expired on August 31, 2008, pursuant to its
terms. The Agreement was scheduled to expire on August 31, 2008, unless
extended by stockholders at the Company's 2008 annual meeting. In light of
Wilshire's pending merger with a wholly owned subsidiary of NWJ Apartment
Holdings Corp., an affiliate of NWJ Companies, Inc., the Company chose not to
seek an extension.
About Wilshire Enterprises
Wilshire is engaged primarily in the ownership and management of real
estate investments in Arizona, Texas and New Jersey. Wilshire's portfolio of
properties includes 5 rental apartment properties with 950 units, 15
condominium units, 4 buildings with 231,000 square feet of office and retail
space and slightly over 18 acres of land.
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 pending merger 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
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
SOURCE Wilshire Enterprises, Inc.

Sherry Wilzig Izak, Chairman of Wilshire Enterprises, Inc., +1-201-420-2796;
or Neil Berkman of Berkman Associates for Wilshire Enterprises, Inc.,
+1-310-826-5051