-Insurance Expertise fits with Company expansion plans-
TSX-V Trading Symbol: FSN
CALGARY, June 6 /CNW/ - Franchise Services of North America Inc. ("FSNA"
or the "Company") announced today the appointment of Dennis M. Via as Chief
Financial Officer of the Company. Mr. Via comes to the Company from the Horton
Group, the Chicagoland's 2nd largest privately held insurance agency, where he
served as Vice President, Chief Financial Officer and Treasurer. As part of
his compensation package, Mr. Via today received 200,000 options ("Options")
to acquire common shares in the capital of FSNA in accordance with the
Company's amended and restated stock option plan. Pursuant to the terms of the
option agreement entered into between the Company and Mr. Via, and subject to
earlier termination in accordance therewith, the Options will vest over a
period of four years, with 25% of the Options vesting on each of the first,
second, third and fourth anniversary date of the grant of the Options. Each
Option has an exercise price of $0.55 per Common Share.
"We are very excited about Dennis joining our management team. With the
significant growth our insurance subsidiary is experiencing and the recently
announced acquisition of our agency, Dennis' experience will help us in
maximizing the return of these investments and in all aspects of financial
reporting and compliance." said Robert M. Barton, Chief Operating Officer of
Mr. Via's appointment is subject to regulatory approval.
In November 2006, U-Save Auto Rental of America, Inc. 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 25 airport markets in 13 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.
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: 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, www.fsna-inc.com