Wilshire Enterprises, Inc. Announces Receipt of Letter Expressing a Desire to Purchase 20% or Greater of the Issued and Outstanding Shares of Wilshire Common Stock for $2.00 Per Share

Feb 03, 2016, 16:41 ET from Wilshire Enterprises, Inc.

EAST HANOVER, N.J., Feb. 3, 2016 /PRNewswire/ -- Wilshire Enterprises, Inc. ("Wilshire") today announced that it had today received a letter from Bond Purchase, L.L.C. expressing a desire to purchase 20% or greater of the issued and outstanding shares of Wilshire common stock for a cash purchase price of $2.00 per share.  A copy of the letter is attached to this press release.  The letter has been delivered to the independent director of Wilshire acting as a special committee of the board of directors of Wilshire.  At this point, the special committee has not changed its recommendation to the Wilshire board of directors, and the board of directors of Wilshire has not changed its recommendation that Wilshire stockholders vote "FOR" the adoption of the merger agreement with J&J Brothers Holdings Inc. and "FOR" approval of an adjournment of the special meeting, if necessary, to solicit additional proxies.  The special meeting of stockholders to consider the adoption of the merger agreement is scheduled to occur on February 18, 2016.

Inquiries: Paul Schulman and Dan Sullivan, MacKenzie Partners, Inc., 105 Madison Avenue, New York, New York 10016, (212) 929-5500.

The letter can be viewed here: http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/329442-Offer-to-Purchase-Common-Stock-02032016.pdf

SOURCE Wilshire Enterprises, Inc.