Franchise Services of North America Inc. Files Restated Q1 Report; Update on Regulatory Matters
(PressMethod) - 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").
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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."
About FSNA
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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® trademark for all of Canada. The Rent-A-Wreck® 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® system has been in continuous operation in Canada since 1976.
Forward-Looking Information
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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.
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