Wilshire Enterprises, Inc. Receives Notice of Intent to Delist from NYSE Amex, LLC
January 15 2010 - 11:29AM
PR Newswire (US)
NEWARK, N.J., Jan. 15 /PRNewswire-FirstCall/ -- Wilshire
Enterprises, Inc. ("Wilshire" or the "Company") (AMEX:WOC)
announced today that on January 12, 2010 the Company received
notice from NYSE Amex, LLC ("NYSE Amex" or the "Exchange") of its
intent to delist the Company's common stock from the Exchange. The
Company will not appeal this decision and pursuant to the terms of
the notice, if the Company elects not to appeal the Exchange's
decision by January 19, 2010, it will become final. The staff of
the Exchange will then suspend trading in the Company's common
stock on the Exchange and file an application with the Securities
and Exchange Commission to strike the Company's common stock from
listing and registration on the Exchange. As previously announced,
on December 1, 2009 the Company received a notice dated November
30, 2009 from NYSE Amex indicating that the Company was not in
compliance with the continued listing standards set forth in
Section 1003(a)(ii) of the Exchange's Company Guide with
stockholders' equity of less than $4,000,000 and losses from
continuing operations and/or net losses in three out of its four
most recent fiscal years and Section 1003(a)(iii) of the Exchange's
Company Guide with stockholders' equity of less than $6,000,000 and
losses from continuing operations and/or net losses in its five
most recent fiscal years. The Company was afforded the opportunity
to submit a plan to NYSE Amex by December 30, 2009, which was later
extended to January 6, 2010, addressing how it intended to regain
compliance with Section 1003(a)(ii) and Section 1003(a)(iii) of the
Company Guide. On December 30, 2009, the Company announced that,
after careful review and consideration, it would not be able to
submit a plan to regain compliance with the NYSE Amex continued
listing standards. The Company expects that its common stock will
be traded on the over-the-counter market and quoted on the OTC
Bulletin Board upon delisting from the NYSE Amex. The Company noted
that there can be no assurance that any broker-dealer will be
willing to act as a market maker in the Company's shares or that,
if such quotations begin, they will continue for any length of
time. 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
five rental apartment properties with 950 units, 10 condominium
units, two office buildings and a retail/office center with
approximately 200,000 square feet of office and retail space, and
slightly more than 19 acres of land. FORWARD-LOOKING STATEMENTS All
non-historical statements in this press release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may use such forward-looking terminology as "expect,"
"look," "believe," "plan," "anticipate," "may," "will" or similar
statements or variations of such terms or otherwise express views
concerning trends and the future. Such forward-looking statements
involve certain risks and uncertainties, including risks cited in
reports filed by Wilshire with the Securities and Exchange
Commission. Actual results may differ materially from such
forward-looking statements. Wilshire Enterprises, Inc. assumes no
obligation for updating any such forward-looking statement at any
time. 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, +1-201-420-2796; or Agency Contact,
Neil Berkman, Berkman Associates, +1-310-826-5051
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