Franchise Services of North America provides an update on the sale of Advantage assets to Hertz and Avis

Franchise Services of North America provides an update on the sale of 
Advantage assets to Hertz and Avis 
TSX-V Trading Symbol: FSN 
RIDGELAND, MS, May 30, 2014 /CNW/ - FRANCHISE SERVICES OF NORTH AMERICA INC. 
("FSNA" or the "Company") (FSN.V) provides the following update on the 
previously announced proposed sale of 22 United States airport concession 
agreements (the "Locations") used in the business of the Company's 
wholly-owned subsidiary, Simply Wheelz LLC ("Simply Wheelz"), which formerly 
did business as Advantage Rent A Car ("Advantage"). 
The United States Federal Trade Commission today announced its approval of the 
sale of twelve of the Locations to Avis Budget Car Rental, LLC ("Avis") and 
ten Locations to The Hertz Corporation ("Hertz").  Avis and Hertz were 
previously selected as successful bidders for the Locations 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. 
Pursuant to binding term sheets agreed to by the respective parties and 
approved by the Court: (i) Avis will acquire 12 Locations (the "Avis Asset 
Sale") for consideration of approximately US$6 million in cash, plus the 
assumption of certain liabilities of the Advantage business associated with 
such Locations; and (ii) Hertz will acquire 10 Locations (the "Hertz Asset 
Sale") for consideration of approximately US$200,000 in cash, plus the 
assumption of certain liabilities of the Advantage business associated with 
such Locations and the continued right of Advantage to use Hertz's vehicle 
fleet during April, May and June 2014, which the parties agreed had a value of 
approximately US$3.5 million. 
Completion of the sale of each individual Location may remain subject to 
receipt of appropriate third party approvals in respect of such Location; 
however, the total consideration for the Avis Asset Sale will be payable by 
Avis upon closing of the sale of the first Location pursuant to the Avis Asset 
Sale and the total consideration for the Hertz Asset Sale will be payable by 
Hertz upon closing of the sale of the first Location pursuant to the Hertz 
Asset Sale. 
The sale of all Locations pursuant to the Avis Asset Sale and the Hertz Asset 
Sale is currently expected to be completed by the end of June 2014. 
Simply Wheelz filed for bankruptcy protection under Chapter 11 of 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: 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. 
Forward-Looking Information 
Certain statements made in this news release are forward-looking in nature, 
including statements concerning the ability of Simply Wheelz to complete the 
Avis Asset Sale and the Hertz Asset Sale and the time at which such sales 
might be completed; the assets being purchased by Avis and Hertz under the 
Avis Asset Sale and the Hertz Asset Sale, respectively; and  the liabilities 
being assumed by Avis and Hertz under the Avis Asset Sale and the Hertz Asset 
Sale, respectively. 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 the ability of the Company to obtain third 
party and regulatory approvals  required to complete the Avis Asset Sale and 
the Hertz Asset Sale on a timely basis, or at all. 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. 
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/May2014/30/c3657.html 
CO: Franchise Services of North America Inc.
ST: Mississippi
NI: AUT INS VC  
-0- May/30/2014 19:21 GMT
 
 
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