CALGARY, June 18 /PRNewswire-FirstCall/ - Franchise Services of North
America Inc. ("FSNA" or the "Company") announced today that it has received
notification from the Alberta Securities Commission (the "ASC") that they
have completed their continuous disclosure review of the Company's public
filings and that the ASC's file in respect of that review is now closed.
Bob Barton, the Company's Chief Operating Officer, stated, "We are
pleased to report that we have satisfied all comments received to date from
the ASC in connection with their continuous disclosure review of the
Company's public filings and that they have advised us the file is now
closed. All required financial reports have now been filed and the Company
has filed the application to have the cease trade order rescinded."
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.
The TSX Venture Exchange does not accept responsibility for the
or accuracy of this release.
SOURCE Franchise Services of North America Inc.