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

PR Newswire

RIDGELAND, MS, May 30, 2014

TSX-V Trading Symbol: FSN

RIDGELAND,MS, May 30, 2014 /PRNewswire/ -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.

Website: www.fsna-inc.com
Contact: on FSNA or any of its operating subsidiaries please contact: Thomas
P. McDonnell, III, Franchise Services of North America Inc., (601) 713-4333
 
Press spacebar to pause and continue. Press esc to stop.