- System expansion continues with new locations -
TSX-V Trading Symbol: FSN
CALGARY, Aug. 1 /CNW/ - Franchise Services of North America Inc. ("FSNA"
or the "Company") announced today that it has closed on the sale of three new
franchises in the Caribbean, and has begun to operate in Newark, New Jersey,
servicing Liberty International Airport.
In addition to the Newark, New Jersey location, the Company has sold a
franchise for the Island of St. Maarten and a combined franchise for the
Islands of Aruba and Bonaire.
"We are very excited about the opening of our Newark location and the
continued development of the Caribbean region in addition to our North
American efforts. All three of these franchises will operate airport and
local/neighborhood locations," said Robert M. Barton, Chief Operating Officer
of the 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
125 markets in the United States and the major airports in Canada. U-Save
currently services 31 airport markets in 14 different states and the
Caribbean. 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 is subject to known and
unknown risks, as well as uncertainties and other factors. Accordingly, actual
results may differ materially from those expressed or implied in
forward-looking information. Some of the risks, 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 August 1, 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
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