Wilshire Enterprises' nominees elected to board; auction of company voted down

By Lisa Kerner

Charlotte, N.C., July 24 - Wilshire Enterprises, Inc. said its nominees were elected to the board of directors during the company's annual meeting on July 19.

The new directors, Ernest Wachtel and W. Martin Willschick, were elected by "substantial majorities."

Stockholders also "overwhelmingly rejected" a dissident stockholder's proposal to conduct an auction to sell Wilshire, a company news release stated.

"We are pleased by our stockholders' resounding vote of confidence in our value maximization strategy and in management's ability to continue implementing the strategy effectively," chairman and chief executive officer Sherry Wilzig Izak said in the release.

"We worked hard during the past year to reposition our portfolio in anticipation of a transaction involving our company, including the sale for more than $7 million of certain non-core properties and the upgrading of a number of core properties. We are pleased to report that the orderly process we have launched to sell our business is now well advanced. Preliminary bids have been received, and due diligence reviews have begun."

Wilshire is a Newark-based real estate investment and management company.

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