U-Save Combines with Canadian Rent-A-Wreck
Mississippi-based U-Save is combining with Rent-A-Wreck Capital Inc., operators of Canada's largest national used-vehicle rental, leasing and used vehicle sales network.
Rent-A-Wreck Capital Inc. ("RAWC") announced on October 24 that it has signed a Share Exchange Agreement relating to a business combination between RAWC and U-Save Auto Rental of America, Inc. ("U-Save").
The deal is a "reverse take-over" ("RTO") transaction. RAWC intends to issue 45,600,000 consolidated common shares to shareholders of U-Save in exchange for all the shares of U-Save.
The transaction value is approximately $22,800,000, and the deemed value of the combined entity will be $24,190,981, with 48,381,962 shares outstanding.
The new combined company will be renamed "Franchise Services of North America, Inc." ("FSNA").
When concluded the former shareholders of U-Save will hold 94.25% of the outstanding shares of FSNA, and the former RAWC shareholders will hold 5.75% of FSNA.
"These proceeds will be used to expand the Rent-A-Wreck brand in Canada and introduce U-Save into Canada," the companies said in a press release.
Rent-A-Wreck Capital Inc. (no financial involvement with Rent-A-Wreck of America Inc.) is the sole shareholder of Practicar Systems Inc., the exclusive holder of the rent-a-wreck trademarks in Canada. Practicar Systems Inc. operates Canada's largest national used-vehicle rental, leasing and used vehicle sales network.
Mississippi-based U-Save, with its subsidiary ARRC (Auto Rental Resource Center), has over 800 locations throughout the United States and is one of North America's largest franchise car rental companies.
Having primarily serviced U.S. municipal markets for the past 25 years, current expansion plans call for the opening of airport locations in the top 30 markets in the U.S., according to a press release. U-Save now services 23 airport markets in 12 different states.
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