Franchise Services of North America Inc.
TSX VENTURE : FSN

Franchise Services of North America Inc.

March 31, 2010 15:58 ET

Franchise Services of North America Inc. Announces Holding of Annual and Special Meeting of Shareholders

Completion of Sale of the Calgary and Edmonton, Alberta Airports, New Airport Location at Greensboro, North Carolina and New Franchise in Victoria, British Columbia

-YYC and YEG represent first Canadian airports under the U-Save Brand-

CALGARY, ALBERTA--(Marketwire - March 31, 2010) - FRANCHISE SERVICES OF NORTH AMERICA INC. ("FSNA" or the "Company") (TSX VENTURE:FSN) held its annual and special meeting of shareholders (the "Meeting") earlier today. At the Meeting, management's nominees, being Mr. Sandy Miller, Mr. Tom McDonnell, Mr. David Forseth, Mr. Tom McNeely, and Mr. Michael Linn, were re-elected to the Company's Board of Directors for the ensuing year. Also at the meeting, RSM Richter LLP was appointed as the Company's auditors. In addition, a restatement of promissory notes owing by certain officers of the corporation was approved by the Shareholders of a "majority of the minority" in accordance with multilateral instrument 61-101.

The Company is also pleased to announce the completion of sale of the Calgary and Edmonton, Alberta airport franchises under the U-Save brand. These are the first two Canadian airports franchised under the brand. Additionally, the Company is pleased to announce the sale of the Greensboro, North Carolina airport franchise under the U-Save brand. This new airport has been sold to an existing U-Save franchisee who already services Asheville, North Carolina. The Company also announced the sale of the Practicar/Rent-A-Wreck franchise for Victoria, British Columbia to an existing franchisee.

Bob Barton, the Company's President and Chief Operating Officer, stated, "We are extremely pleased to sell our first two Canadian airport franchises under the U-Save brand and look forward to serving Canadian citizens and Canadian-bound travelers with rental cars under the U-Save brand. It is also very pleasing to see one of our existing U.S. franchisees continue to grow and begin servicing his second airport location. These new locations increase the total number of airports under the U-Save flag to 35. We are also quite pleased to announce the sale of the Victoria franchise to a franchisee who has serviced the Nanaimo, B.C. market for the past 28 years. We continue to seek both new franchisees and to offer expansion opportunities to our existing franchisees."

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 leisure markets in the United States and the major airports in Canada. U-Save currently services 32 airport markets in 13 different states and 7 countries. 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 58 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.

For further information on FSNA or any of its operating subsidiaries please contact the undersigned.

Forward-Looking Information

Certain statements made in this news release are forward looking in nature. 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. 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information