TSX-V Trading Symbol: FSN
CALGARY, Oct. 16 /CNW/ - Franchise Services of North America Inc. ("FSNA"
or the "Company") announced today that the Board of Directors has accepted the
resignation of BDO Seidman, LLC ("BDO") as the Company's auditors. The Board
has also approved the appointment of RSM Richter LLP, as the Company's new
Bob Barton, the Company's Chief Operating Officer, stated, "The Audit
Committee of the Board is pleased to announce the appointment of RSM Richter
LLP to replace BDO. The Board believes that RSM Richter LLP, a Canadian firm
which has an affiliated firm in Jackson, Mississippi, the location of the
Company's functional headquarters, is well positioned to act as auditor to the
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.
Certain statements made in this news release are forward looking
including statements regarding the Company's expansion plans. 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 that we will be able to continue to expand into the North
American airport market. If such assumptions prove incorrect, there is a risk
that the Company's statements regarding its' expansion plans 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
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: on FSNA or any of its operating subsidiaries
please contact: Alison Tullis, CHF Investor Relations, (416) 868-1079 x 233,
Alison@chfir.com; Robert M. Barton, Chief Operating Officer, FSNA, (601)
713-4333 x 116, email@example.com