Franchise Services of North America Inc. announced that it has filed audited annual consolidated financial statements for the fiscal year ended September 30, 2007 ("the 2007 Annual Financial Statements"). Revenue for the combined period was US $18,180,802, and Net Income was US $489,738. These 2007 Annual Financial Statements include thirteen months of U-Save's results and ten months of Practicar Systems, Inc. due to the November, 2006 Business Combination Transaction ("BCT") between U-Save Auto Rental of America, Inc. and the predecessor company, Rent-A-Wreck Capital Inc. Reference is made to the Company's public filings which are available on line at www.sedar.com, which contain a detailed description of the BCT and related financial information.

On January 28, 2008, FSNA announced that it had delayed the filing of its 2007 Annual Financial Statements, which were, pursuant to applicable Canadian securities laws, required to be filed no later than January 28, 2008. As a result, cease trade orders were issued by the Alberta Securities Commission, the British Columbia Securities Commission and the Ontario Securities Commission. The Toronto Venture Exchange ("TSX-V") also suspended trading in the Company's common shares. Application is being made to each of the above-noted securities commissions and to the TSX-V to have the cease trade orders rescinded.

"The 2007 Annual Financial Statements are the first set of annual financial statements to be prepared following the completion by the Company of a cross-border reverse take-over transaction in late 2006. The delay in filing the statements related in part to the challenge of combining FSNA's United States and Canadian operations, as well as conforming financial periods and accounting standards" said Robert M. Barton, Chief Operating Officer of the Company.