TSX-V Trading Symbol: FSN
CALGARY, July 16 /PRNewswire-FirstCall/ - Franchise Services of North America Inc. ("FSNA" or the "Company") announced today the sale of four franchises under the Rent-A-Wreck/PractiCar brand. The franchises are located in the Greater Toronto Area: North Central, Eglington/Yonge, North Mississauga, and Vaughan. The Company also announced the entering of an Affiliate Agreement for the Country of Jamaica that has resulted in the U-Save brand now being represented in the Montego Bay and Kingston airports, in addition to the sale of a neighbourhood franchise in Orangeburg, South Carolina under the U-Save brand.
Bob Barton, the Company's Chief Operating Officer, stated, "We are very excited about the continued development of the Rent-A-Wreck/PractiCar brand in Canada and the continued expansion of the U-Save brand both domestically and into international destinations. The availability to rent cars under the U-Save brand in the major airports in Jamaica helps promote worldwide awareness of the brand to price-conscious consumers. Our development and commitment to the local market also continues with the new agreement in South Carolina. Additionally, we have had several franchisees who have expressed an interest in purchasing the franchise rights to some of the smaller airport markets, or expansion of their existing territory. We are pleased to announce these latest additions to the U-Save and PractiCar/Rent-A-Wreck network of franchises. We look forward to their continued growth and development as partners in our global U-Save Car Truck Rental and Canadian Rent-A-Wreck/PractiCar brands. I strongly believe that quality franchisees are a very important part of our Company and our future.
FSNA is a publicly traded company listed 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 Financial Services.
U-Save, together 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 leisure markets in the United States and the major airports in Canada. U-Save currently services 31 airport markets in 16 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 56 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.
Certain statements made in this news release are forward looking including the paragraph wherein the Company has provided an update on certain regulatory matters. The words "may," "could," "should," "would," "expect," "intend," "estimate," "anticipate," "believe," or "outlook" and similar expressions often identify forward-looking information. By their nature, forward-looking statements require FSNA to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions and projections will not prove to be accurate, that FSNA's assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. FSNA's forward-looking statements are qualified in their entirety by these cautionary statements. In addition, the forward-looking statements are made only as of the date of this news release, and except as required by applicable law, FSNA undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise.
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that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Franchise Services of North America Inc.