Business
Pizza Pizza Royalty Income Fund Announces May Distribution
Pizza Pizza Royalty Income Fund Announces May Distribution.
About this update from Pizza Pizza Royalty Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, May 17 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")\n(TSX: PZA.UN) today announced a cash distribution of $0.073 per unit for the\nmonth of May, 2007. The distribution will be payable to unitholders of record\nat the close of business on May 31, 2007, and will be paid on June 15, 2007.\n\n\nAbout the Fund, a publicly-traded entity\n\n\nThe Fund is a limited purpose, open-ended trust established under the\nlaws of Ontario to indirectly acquire the trademarks and trade names used by\nPizza Pizza in its restaurants. The trademarks were licensed to Pizza Pizza in\n2005 for 99 years, for which Pizza Pizza pays the Fund a royalty equal to 6%\nof the system sales of its Pizza Pizza restaurants in the Royalty Pool. As of\nJanuary 1, 2007, there were 531 Pizza Pizza restaurants in the Royalty Pool.\n\n\nA key attribute of the Fund is that it is based on top-line, system sales\nof the Royalty Pool restaurants and not on the profitability of either Pizza\nPizza or the restaurants in the Royalty Pool. The success of the Fund depends\nprimarily on the ability of Pizza Pizza to maintain and increase system sales\nof the Royalty Pool and to meet its royalty obligations.\n\n\nThe Fund's trust units are listed on the Toronto Stock Exchange under the\nsymbol PZA.UN.\n\n\nAbout Pizza Pizza Limited, the privately-owned operating company\n\n\nPizza Pizza Limited, a privately-held Canadian corporation, is one of\nCanada's most successful operators in the quick service restaurant industry\nand is celebrating its 40th anniversary this year. Founded in 1967, Pizza\nPizza is guided by a mission to provide the "best food, made especially for\nyou" and a focus on quality ingredients, customer service, community\ncontribution and continual innovation.\n\n\n%SEDAR: 00022262EF\n\n\n","length":1880,"tagName":"div"}]