-Previously announced transaction completed-
TSX-V Trading Symbol: FSN
CALGARY, April 10 /CNW/ - Franchise Services of North America Inc.
("FSNA" or the "Company") announced today that, further to its press release
of January 23, 2007, its wholly-owned subsidiary, U-Save Auto Rental of
America, Inc., has executed a Master Franchise Agreement with Mr. Abdul Wahed
Al Kooheji for the licensing of U-Save franchises in the Kingdom of Bahrain,
United Arab Emirates, Sultanate of Oman, Saudi Arabia, Qatar, Kuwait and
"We are very pleased to have completed this transaction. Mr. Al Kooheji's
experience in running successful master franchises for both Century 21 and
Avis will provide our brand the opportunity to expand in the region with an
experienced operator," said Robert M. Barton, Chief Operating Officer, FSNA.
In November 2006, U-Save Auto Rental of America, Inc. ("U-Save") and
Rent-A-Wreck Capital Inc. completed a reverse takeover transaction. The
resulting company, FSNA, is a publicly traded company 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 Insurance.
U-Save, 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,
current expansion plans call 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 24 airport markets in 12 different states. U-Save Car Sales
is a recent expansion of the U-Save brand into the car sales market.
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 50 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 information included in this press release is of a
forward-looking nature. Forward-looking information can often be identified by
forward-looking words such as "anticipate," "believe," "expect," "goal,"
"plan," "intend," "estimate," "may," and "will" or similar words suggesting
future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or performance.
Shareholders and other prospective investors are cautioned not to place undue
reliance on forward-looking information. Forward-looking information is
subject to known and unknown risks, assumptions, uncertainties and other
factors. Accordingly, actual results may differ materially from those
expressed or implied in forward-looking information. Some of the risks,
assumptions, uncertainties and other factors affecting FSNA are discussed in
our public filings with the securities regulatory authorities in Canada.
Copies of FSNA's Canadian filings, including our most recent management
information circular, annual information form, interim financial statements,
material change reports and news releases, are available online at
www.sedar.com. Information in this document is presented as of April 10, 2007
and is subject to change after this date. However, FSNA disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has in no way passed upon the merits of this
transaction and has neither approved or disapproved the contents of this
For further information:
For further information: on FSNA or any of its operating subsidiaries
contact: Robert M. Barton, Chief Operating Officer, (601) 713-4333,
www.fsna-inc.com; Alison Tullis, CHF Investor Relations, (416) 868-1079,