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have rescinded the Cease Trade Orders imposed on the Company.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."
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.