2014

Franchise Services of North America Inc. Announces Filing of its Financial Results for the Year Ended September 30, 2007 TSX-V Trading Symbol: FSN



    CALGARY, Feb. 25 /PRNewswire-FirstCall/ - FRANCHISE SERVICES OF NORTH
 AMERICA INC. ("FSNA" or the "Company") announced today that it has filed
 audited annual consolidated financial statements for the fiscal year ended
 September 30, 2007 ("the 2007 Annual Financial Statements"). Revenue for
 the combined period was US $18,180,802, and Net Income was US $489,738.
 These 2007 Annual Financial Statements include thirteen months of U-Save's
 results and ten months of Practicar Systems, Inc. due to the November, 2006
 Business Combination Transaction ("BCT") between U-Save Auto Rental of
 America, Inc. and the predecessor company, Rent-A-Wreck Capital Inc.
 Reference is made to the Company's public filings which are available on
 line at www.sedar.com, which contain a detailed description of the BCT and
 related financial information.
 
     On January 28, 2008, FSNA announced that it had delayed the filing of
 its 2007 Annual Financial Statements, which were, pursuant to applicable
 Canadian securities laws, required to be filed no later than January 28,
 2008. As a result, cease trade orders were issued by the Alberta Securities
 Commission, the British Columbia Securities Commission and the Ontario
 Securities Commission. The Toronto Venture Exchange ("TSX-V") also
 suspended trading in the Company's common shares. Application is being made
 to each of the above-noted securities commissions and to the TSX-V to have
 the cease trade orders rescinded.
 
     "The 2007 Annual Financial Statements are the first set of annual
 financial statements to be prepared following the completion by the Company
 of a cross-border reverse take-over transaction in late 2006. The delay in
 filing the statements related in part to the challenge of combining FSNA's
 United States and Canadian operations, as well as conforming financial
 periods and accounting standards" said Robert M. Barton, Chief Operating
 Officer of the Company.
 
     About FSNA
 
     ----------
 
     FSNA is a publicly traded company on the TSX Venture Exchange. The
 Company and its subsidiaries own the following brands: U-Save Car & Truck
 Rental, U-Save Car Sales, Rent-A-Wreck of Canada, Auto Rental Resource
 Center ("ARRC"), Xpress Rent A Car and Peakstone Insurance.
 
     U-Save, with its subsidiary ARRC, has over 1,100 locations throughout
 the United States and is one of North America's largest franchise car
 rental companies. Having primarily serviced the local market for the past
 25 years, the Company is expanding into the airport market with plans for
 the opening of airport locations in the top 30 markets in the United States
 and the major airports in Canada. U-Save currently services 26 airport
 markets in 14 different states. U-Save Car Sales is an expansion of the
 U-Save brand into the car sales market, and provides goods and services to
 car sales operators looking to affiliate with a national brand.
 
     Practicar Systems Inc. (a wholly owned subsidiary of FSNA) owns the
 rights to the Rent-A-Wreck(R) trademark for all of Canada. The
 Rent-A-Wreck(R) system operates a network of 50 franchises from
 coast-to-coast in Canada, providing a range of vehicle rental, leasing and
 sales options to its customers. The Rent-A-Wreck(R) system has been in
 continuous operation in Canada since 1976.
 
     Forward-Looking Information
 
     ---------------------------
 
     Certain information included in this press release is of a
 forward-looking nature. Forward-looking information is subject to known and
 unknown risks, as well as uncertainties and other factors. Accordingly,
 actual results may differ materially from those expressed or implied in
 forward-looking information. Some of the risks, uncertainties and other
 factors affecting FSNA are discussed in our public filings with the
 securities regulatory authorities in Canada. Copies of FSNA's Canadian
 filings, including our most recent management information circular, annual
 information form, interim financial statements, material change reports and
 news releases, are available online at www.sedar.com. Information in this
 document is presented as of February 25, 2008 and is subject to change
 after this date. However, FSNA disclaims any intention or obligation to
 update or revise any forward-looking statements, whether as a result of new
 information, future events or otherwise.
 
     The TSX Venture Exchange has neither approved nor disapproved of the
 
     contents of this press release.
 
 
 

SOURCE Franchise Services of North America Inc.

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