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Franchise Services of North America Inc. provides default status report
|By PR Newswire
|March 14, 2014 04:01 PM EDT
TSX-V Trading Symbol: FSN
RIDGELAND, MS, March 14, 2014 /PRNewswire/ - FRANCHISE SERVICES OF NORTH AMERICA INC. ("FSNA" or the "Company") (FSN.V) provides the following update in connection with the
Management Cease Trade Order ("MCTO") issued by the Alberta Securities Commission on January 29, 2014 in
accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") and pursuant to the requirements of the alternative information
guidelines ("AIG") set forth in NP 12-203.
The Company applied for the MCTO once it determined that it would be
unable to file its audited annual financial statements and its related
management's discussion and analysis and certification of annual
filings for the year ended September 30, 2013 (the "Annual Filings") by the prescribed filing deadline of January 28, 2014. The Company
also failed to file its interim financial report, related management's
discussion and analysis and certification of interim filings for the
period ended December 31, 2013 (the "Interim Filings") by the prescribed filing deadline of March 3, 2014.
The Company currently expects that it will be in a position to complete
the Annual Filings and the Interim Filings by March 28, 2014. The
Company continues to work with its auditors to prepare and finalize the
Annual Filings and is working to prepare the Interim Filings. The MCTO
will remain in effect until all required filings are filed.
There has not been any specified default by the Company under NP 12-203
or any failure by the Company in fulfilling its stated intentions with
respect to satisfying the AIG and there is no material information
concerning the affairs of the Company that has not been generally
FSNA is a publicly traded company listed on the TSX Venture Exchange.
The Company and its subsidiaries own the following brands: Advantage
Rent A Car, U-Save Car & Truck Rental® ("U-Save"), U-Save Car Sales, Rent-A-Wreck of Canada, PractiCar, Auto Rental
Resource Center ("ARRC"), Xpress Rent A Car and Peakstone Financial Services.
U-Save, together with its subsidiary ARRC, has over 900 locations
throughout the United States and is one of North America's largest
franchise car rental companies. U-Save currently services 19 airport
markets in 13 different states. Although primarily based in the United
States, U-Save has 18 international locations in Mexico, Greece, the
Middle East, Latin America, and the Caribbean.
Practicar Systems Inc. owns the rights to the Rent-A-Wreck® and the
PractiCar® trademarks for all of Canada. The Rent-A-Wreck® system
operates a network of 61 franchise locations 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.
Certain statements made in this news release are forward-looking in
nature, including statements concerning the ability of FSNA to file the
Annual Filings and the Interim Filings by March 28, 2014. 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. The forward-looking statements contained in
this news release are based on certain key expectations and assumptions
made by FSNA, including with respect to when the Company anticipates it
will be able to remedy the anticipated disclosure defaults noted
herein. Although FSNA believes that the expectations and assumptions on
which the forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements because
FSNA can give no assurance that they will prove to be correct. These
forward-looking statements also involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of FSNA to differ materially from the
anticipated results, performance or achievements or developments
expressed or implied by such forward-looking statements. If any such
risks actually occur, they could materially and adversely affect FSNA's
business, financial condition or results of operations. 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 securities law, FSNA undertakes no obligation to publicly
update these forward-looking statements to reflect new information,
subsequent events or otherwise.
Neither 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.
SOURCE Franchise Services of North America Inc.
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