Franchise Services of North America Inc. Provides Update on Regulatory Matters; Revocation of Cease Trade Order
TSX-V Trading Symbol: FSN
CALGARY, June 24 /PRNewswire-FirstCall/ - Franchise Services of North America Inc. ("FSNA" or the "Company") announced today that it has received notifications from the Alberta Securities Commission (the "ASC"), the British Columbia Securities Commission ("BCSC"), the Manitoba Securities Commission ("MSC"), and Ontario Securities Commission ("OSC"), that they have rescinded the Cease Trade Orders imposed on the Company. The Company has also been advised by the Toronto Venture Stock Exchange ("TSX-V") that upon receipt of all of the revocation orders, the TSX-V will issue a bulletin indicating that the shares will resume trading. Trading will commence two days following the posting of the bulletin. Bob Barton, the Company's Chief Operating Officer, stated, "We are pleased to report that we have received the revocation orders from the respective Commissions. The Company has already been in contact with the TSX-V and is awaiting receipt of the aforementioned bulletin." About FSNA ---------- 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 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 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 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 adequacy or accuracy of this release.
SOURCE Franchise Services of North America Inc.
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