CALGARY, June 4 /PRNewswire-FirstCall/ - Franchise Services of North
America Inc. ("FSNA" or the "Company") announced today that it has filed
its restated Q1 report on SEDAR today after review by the Alberta
Securities Commission (the "ASC").
It is anticipated that the Company's Q2 interim report will be filed
shortly; however, the ASC has requested the opportunity to review FSNA's Q2
interim report for the period ended March 31, 2008, which includes
supplemental disclosures as it relates to the Q2 comparative figures for
the period ending March 31, 2007, prior to its release. The Q2 report was
to be filed on May 30, 2008; however the Company did not file the Q2
report, pending completion of the ASC's review of the Q1 report. Lastly,
management does not believe that trading in FSNA's shares will resume until
the ASC has completed its review of the Q2 report.
Bob Barton, the Company's Chief Operating Officer, stated, "The
Company, along with the assistance of its external advisors, has been
diligently working on addressing the comments received from the ASC. We
anticipate providing the ASC with a draft of the Q2 report within the next
few days. We look forward to the ASC completing its review of our Q2
report, and we have already submitted our applications to have the cease
trade orders revoked."
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
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 markets in
the United States and the major airports in Canada. U-Save currently
services 27 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
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 53 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 those sections 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. With respect to these forward-looking statements, we have
assumed, among other things, that the ASC is satisfied with the responses
that management has provided and that the applicable securities regulatory
authorities will grant the Company's applications to have the cease trade
orders lifted upon the ASC's completion of its review of the Q2 interim
report and FSNA's filing of the same. If such assumption proves incorrect,
there is a risk that the Company's assessment of the progress that it has
made in seeking to have the cease trade orders lifted could prove
materially incorrect. 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.
The TSX Venture Exchange does not accept responsibility for the
or accuracy of this release.
SOURCE Franchise Services of North America Inc.