On April 1, Franchise Services of North America Inc. (FSNA) was issued a cease trade order by the Alberta Securities Commission (ASC) for failure to file its annual filings for the year (ending Sept. 20, 2013) and its interim filings (for the period ending Dec. 31, 2013) by the March 28 deadline.
All trading in the securities of the company will cease until FSNA files the required paperwork and makes an application for a full revocation of the cease trade order. According to FSNA, it hopes to be in a position to file the annual filings on or before April 18 and the interim filings on or before May 17.
Catalyst Capital Group was selected as the prevailing purchaser in an auction for the assets connected with FSNA’s wholly-owned subsidiary, Simply Wheelz LLC, which operates as Advantage Rent A Car. The asset sale is set to be complete on or before April 30 after procedural matters and arrangements with third parties are finalized, says FSNA.