Business
Pizza Pizza Royalty Income Fund Increases September Distribution by 4%
Pizza Pizza Royalty Income Fund Increases September Distribution by 4%.
About this update from Pizza Pizza Royalty Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, Sept. 4 /CNW/ - Today the Pizza Pizza Royalty Income Fund (the\n"Fund") (TSX: PZA.UN) announced a 4% increase in its monthly cash\ndistribution. This is the fifth distribution increase since the Fund's 2005,\ninitial public offering.\n\n\nFor the period September 1 to September 30, the distribution per unit\nwill increase to $0.076 from $0.073 payable October 15, 2007 to unitholders of\nrecord at the close of business on September 28, 2007.\n\n\nThe increase is partially attributable to Pizza Pizza's acquisition of\nPizza 73, Inc. on July 24, 2007.\n\n\n"Pizza Pizza, while continuing its strong same store sales growth in\nOntario, has been working on a Western Canadian expansion plan, as announced\nat the time of the Fund's initial public offering in 2005," stated Michael\nOvers, Chairman of Pizza Pizza Limited. "This represents an ideal acquisition\nfor Pizza Pizza, as Pizza 73 has achieved impressive growth, is a market\nleader in the Alberta quick service restaurant pizza sector, and the Pizza 73\nbrand is well recognized throughout Alberta. We look forward to working with\nPizza 73's management and owner/operators to expand their restaurant network\nand continue to grow system sales and the great Pizza 73 brand."\n\n\nABOUT PIZZA 73\n\n\nFounded in 1985, Pizza 73, with its recognizable phone numbers ending in\n"7373", currently has 48 restaurants in its system. Pizza 73 operates in the\ntake-out and delivery pizza quick service restaurant ("QSR") segment,\nprincipally in the province of Alberta. Pizza 73 currently has four locations\noutside of Alberta; three in Saskatchewan and one in British Columbia. Pizza\n73 restaurants are not franchised, but instead are owned and operated as\nindependent businesses. Each restaurant is a corporation equally owned by an\nindependent owner/operator and Pizza Pizza Limited which will support the\nindependent owner/operators with new restaurant openings, product development\nand supplier arrangements and a centralized marketing program funded by\ncontributions from each restaurant equal to approximately 8% of Pizza 73\nannual sales. The Pizza 73 business also includes two commissaries and a call\ncentre. Trademarks and other intellectual property used in the restaurant\nsystem are owned by the Fund.\n\n\nAbout the Fund, a p...