RIDGELAND, MISSISSIPPI -- (Marketwired) -- 08/29/13 -- FRANCHISE SERVICES OF NORTH AMERICA INC. (TSX VENTURE: FSN) ("FSNA" or the "Company") is pleased to announce the appointment of David Mitchell as Chief Financial Officer of FSNA and Karl Ottolini as Vice President of Revenue Management for Advantage Rent A Car.
David M. Mitchell, a CPA, has over 25 years' experience in corporate finance and was most recently the Chief Financial Officer for SIIF Energies do Brasil Ltda, the largest wind generation company by capacity in Latin America, that he successfully sold for R$1.5 billion in 2012. Mr. Mitchell has also served as Chief Financial Officer for 2 other organizations, including Macquarie Infrastructure Company LLC (NYSE: MIC), which he helped to take public in 2004. Mr. Mitchell has completed over $6 billion in financing transactions over the course of his career.
Karl Ottolini joins Advantage as an employee after having served the Company in a consulting capacity since mid-April. Over his thirty year career, Mr. Ottolini has served a broad variety of industries including travel and leisure, transportation, insurance and manufacturing. Mr. Ottolini's technical expertise includes statistical, economic/industry and financial analysis, forecasting, performance measurement and quantitative decision sciences. His travel industry experience includes Galileo International, one of the largest global travel distribution systems (GDS) in the world. More recently, he served Budget Rent A Car as Vice President, Financial Planning and Analysis, and Alamo/National as Senior Vice President responsible for pricing, reservations and customer service.
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 Car Sales, Rent-A-Wreck of Canada, PractiCar, Auto Rental Resource Center ("ARRC"), Xpress Rent A Car and Peakstone Financial Services.
The Company operates the Advantage Rent A Car car rental brand at 72 corporate locations in 33 states. Advantage has airport locations servicing 60 of the top 70 airports across the United States and those airports account for more than $10 billion in annual car rental revenue. Advantage is the fourth largest independent rental car company in the United States.
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.
Certain statements made in this news release are forward-looking in nature, including statements concerning the completion and timing of the Private Placement, the anticipated use of the net proceeds of the Private Placement and statements made with respect to Advantage's operations, including expectations as to the number of locations and size of fleet. The closing of the Private Placement could be delayed if FSNA is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The Private Placement will not be completed at all if these approvals are not obtained or if some other condition to the closing is not satisfied. Accordingly, there is a risk that the Private Placement will not be completed within the anticipated time or at all. 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. 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. 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.
For further information on FSNA or any
of its operating subsidiaries please contact:
Thomas P. McDonnell, III
Franchise Services of North America Inc.
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