TSX-V Trading Symbol: FSN
CALGARY, June 4 /CNW/ - Franchise Services of North America Inc. ("FSNA"
or the "Company") announced today that it has filed its restated Q1 report on
SEDAR today after review by the Alberta Securities Commission (the "ASC").
It is anticipated that the Company's Q2 interim report will be filed
shortly; however, the ASC has requested the opportunity to review FSNA's Q2
interim report for the period ended March 31, 2008, which includes
supplemental disclosures as it relates to the Q2 comparative figures for the
period ending March 31, 2007, prior to its release. The Q2 report was to be
filed on May 30, 2008; however the Company did not file the Q2 report, pending
completion of the ASC's review of the Q1 report. Lastly, management does not
believe that trading in FSNA's shares will resume until the ASC has completed
its review of the Q2 report.
Bob Barton, the Company's Chief Operating Officer, stated, "The Company,
along with the assistance of its external advisors, has been diligently
working on addressing the comments received from the ASC. We anticipate
providing the ASC with a draft of the Q2 report within the next few days. We
look forward to the ASC completing its review of our Q2 report, and we have
already submitted our applications to have the cease trade orders revoked."
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 those sections wherein the Company has provided an update on certain
regulatory matters. 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, among other
things, that the ASC is satisfied with the responses that management has
provided and that the applicable securities regulatory authorities will grant
the Company's applications to have the cease trade orders lifted upon the
ASC's completion of its review of the Q2 interim report and FSNA's filing of
the same. If such assumption proves incorrect, there is a risk that the
Company's assessment of the progress that it has made in seeking to have the
cease trade orders lifted 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 or otherwise.
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