Franchise Services of North America Inc. Provides Update on Regulatory Matters; Revocation of Cease Trade Order



    TSX-V Trading Symbol: FSN

    CALGARY, June 24 /CNW/ - 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Securities Commission ("OSC"), that they have rescinded the Cease Trade Orders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.

    %SEDAR: 00010981E




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, bob.barton@usave.com


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890