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 have rescinded the Cease Trade Orders imposed on the Company.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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