Franchise Services of North America Inc. Announces Closing of Advantage Asset Sale to Catalyst

 Franchise Services of North America Inc. Announces Closing of Advantage Asset  Sale to Catalyst  TSX-V Trading Symbol: FSN  RIDGELAND, MS, April 30, 2014 /CNW/ - FRANCHISE SERVICES OF NORTH AMERICA INC.  ("FSNA" or the "Company") (FSN.V) announces that its wholly-owned subsidiary,  Simply Wheelz LLC ("Simply Wheelz"), which does business as Advantage Rent A  Car ("Advantage"), completed the sale today of 41 United States airport  concession agreements used in the Advantage business to The Catalyst Capital  Group, Inc. (on behalf of one or more funds managed by it) ("Catalyst").  Catalyst was selected as the prevailing purchaser in an auction of the  Advantage assets conducted in accordance with bidding procedures approved by  the United States Bankruptcy Court for the Southern District of Mississippi  (the "Court") in the Simply Wheelz insolvency proceedings.  Catalyst had  previously been approved by the Court as a secured lender in the proceedings.  Pursuant to the terms of the asset purchase agreement approved by the Court,  the consideration for the Catalyst Asset Sale was a credit bid of US$46  million against the debtor-in-possession credit facility provided by Catalyst  to Simply Wheelz, plus the assumption by Catalyst of certain liabilities of  the Advantage business associated with such concession agreements.  Catalyst  also assumed certain leases, executory contracts, personal property and  intellectual property used in connection with the Advantage business.  Simply Wheelz filed for bankruptcy protection under the United States  Bankruptcy Code on November 5, 2013.  About FSNA  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.  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.  For further information on FSNA or any of its operating subsidiaries please  contact: Thomas P. McDonnell, III, Franchise Services of North America Inc.,  (601) 713-4333  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/April2014/30/c2571.html  CO: Franchise Services of North America Inc. ST: Mississippi NI: AUT INS  
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