Franchise Services of North America Inc. Announces Closing of the Acquisition of Simply Wheelz, LLC by Adreca Holdings Corp.

Franchise Services of North America Inc. Announces Closing of the Acquisition 
of Simply Wheelz, LLC by Adreca Holdings Corp. 
CALGARY, Dec. 12, 2012 /CNW/ - FRANCHISE SERVICES OF NORTH AMERICA INC. 
("FSNA" or the "Company")(TSX-V: FSN) announces that Adreca Holdings Corp. 
("Adreca"), a subsidiary of Macquarie Capital ("Macquarie Capital"), has 
closed its acquisition of Simply Wheelz, LLC, the owner and operator of the 
Advantage® Rent A Car brand ("Advantage"), from Hertz Global Holdings, Inc. 
("Hertz") today. 
FSNA's previously announced acquisition of Advantage will proceed by way of 
merger (the "Merger") between a wholly-owned subsidiary of FSNA and Adreca. 
The Merger is expected to close in the first quarter of 2013 and is more fully 
described in the appendix to the Company's press release dated August 28, 2012. 
In conjunction with its acquisition of Advantage, Macquarie Capital agreed 
that Adreca will also acquire on-airport concessions at an additional 13 
airports from Hertz. As Advantage already operates off-airport locations 
servicing three of these airports, the acquisition of these on-airport 
concessions will represent a net increase of 10 new locations. As a result, 
pending the Merger, the Company may acquire up to 72 rental locations in new 
markets in the United States. The prospect of acquiring these additional 
airports was previously detailed by the Company's November 20, 2012 press 
release. Adreca's acquisition of these additional airports and certain other 
divested assets from Hertz is expected to close in stages beginning in the 
first quarter of 2013. Adreca will be Hertz' sole divestiture partner in 
conjunction with the dispositions required to be made by Hertz by the consent 
decree issued by the United States Federal Trade Commission, previously 
detailed by the Company's November 20, 2012 press release. 
As previously described by the Company's August 28, 2012 press release, FSNA 
and Adreca have entered into a management services agreement (the "Management 
Services Agreement") pursuant to which FSNA will provide Adreca with certain 
management services in respect of Advantage and the other assets divested by 
Hertz pending closing of the Merger. As consideration for the services 
provided under the Management Services Agreement, FSNA shall be entitled to 
its costs plus 25% in respect of services provided by FSNA employees and to 
recover its costs in respect of all other services. In addition, FSNA has 
been issued a warrant of Adreca (the "Warrant") entitling FSNA to receive 35% 
of the common shares of Adreca in certain circumstances as consideration for, 
among other things, the services provided under the Management Services 
Agreement. The Warrant is only exercisable if the Merger has not been 
consummated by May 9, 2013 or as otherwise set out in the Merger Agreement. 
Commenting on the recent developments, Thomas P. McDonnell, III, the Company's 
Chief Executive Officer and Chairman said, "This is a great day for FSNA, our 
partner Macquarie Capital, and the over 600 employees of Advantage Rent A 
Car. We are all excited to become North America's fourth largest car rental 
company, and we look forward to continuing a legacy of great service to our 
customers, both new and old." 
About FSNA 
FSNA is a publicly traded company listed on the TSXV. The Company and its 
subsidiaries own the following brands: U-Save Car & Truck Rental®, 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 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 30 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 28 airport markets in 11 
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® and the PractiCar® trademarks for all of Canada. The 
Rent-A-Wreck® system operates a network of 68 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. 
Caution 
Completion of the Merger is subject to a number of conditions, including TSX 
Venture Exchange acceptance and approval by the Company's shareholders. The 
Merger cannot close until all required approvals are obtained. There can be no 
assurance that the transaction will be completed as proposed, or at all. 
Investors are cautioned that, except as disclosed in the circular of FSNA to 
be prepared in connection with the Merger, any information released or 
received with respect to the Merger may not be accurate or complete and should 
not be relied upon. Trading in the securities of FSNA should be considered 
highly speculative. 
The TSX Venture Exchange has in no way passed upon the merits of the 
transaction and has neither approved nor disapproved the contents of this 
press release. 
Forward-Looking Information 
Certain statements made in this news release are forward looking in nature, 
including statements made with respect to the Merger. 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 the satisfaction of 
conditions to the completion of the Merger. 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. There can be no assurance that the Merger will be completed as 
proposed or at all. 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 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. 
On FSNA or any of its operating subsidiaries please contact: 
Thomas P. McDonnell, III Franchise Services of North America Inc. (601) 
713-4333 
SOURCE: Franchise Services of North America Inc. 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/December2012/12/c8278.html 
CO: Franchise Services of North America Inc.
ST: Alberta
NI: AUT INS MNA  
-0- Dec/12/2012 12:30 GMT
 
 
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