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23:05:19 EDT Wed 27 Aug 2014
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Franchise Services Of North America Inc
Symbol C : FSN
Shares Issued 62,820,426
Close 2013-02-15 C$ 0.60
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Franchise Services, Adreca complete Hertz deal

2013-02-18 11:20 ET - News Release

Mr. Thomas McDonnell reports

FRANCHISE SERVICES OF NORTH AMERICA INC. ANNOUNCES THE COMPLETION OF ACQUISITIONS OF ADDITIONAL ON-AIRPORT AND OFF-AIRPORT CONCESSIONS FROM HERTZ GLOBAL HOLDINGS, INC.

Adreca Holdings Corp., a subsidiary of Macquarie Capital, has completed one of the scheduled acquisitions of additional on-airport and off-airport concessions from Hertz Global Holdings Inc. The additional airport concessions are a result of the acquisition by Adreca of the Advantage Rent-A-Car brand from Hertz in December, 2012, and is more fully described in Franchise Services Of North America's press release of Dec. 12, 2012.

As a result of the acquisition, Adreca opened new rental locations at Minneapolis-St. Paul International Airport (MSP) as an in-terminal operation, and has also moved pre-existing off-airport operations at Palm Beach International Airport (PBI), Jacksonville International Airport (JAX), Milwaukee General Mitchell International Airport (MKE) and Norfolk International Airport (ORF) to in-terminal operations. Adreca's acquisition of the remaining additional airports and certain other divested assets from Hertz is expected to close in stages continuing in the first and second quarters of 2013. Adreca will be Hertz's 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 in the company's Nov. 20, 2012, press release.

As previously described by the company's Aug. 28, 2012, press release, Franchise Services Of North America and Adreca have entered into an agreement to merge a wholly owned subsidiary of the company with Adreca. Franchise Services Of North America and Adreca are parties to a management services agreement, pursuant to which Franchise Services Of North America provides Adreca with certain management services in respect of Advantage and the other assets divested by Hertz pending closing of the merger.

Commenting on the recent developments, Thomas P. McDonnell, the company's chief executive officer and chairman, said, "We continue to progress with the addition of these new offices, and look forward to expand our footprint of in-terminal locations in new destinations to service our existing and new customers."

We seek Safe Harbor.

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