TORONTO, Nov. 17 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")
(TSX: PZA.UN) is pleased to announce that it is increasing monthly cash
distributions.
The monthly distributions will increase 2% to $0.0681 per unit from
$0.0667 per unit. The monthly distribution of $0.0681 per unit for the period
from November 1, 2005 to November 30, 2005 will be payable to unitholders of
record at the close of business on November 30, 2005 and will be paid on
December 15, 2005.
Same Store Sales Growth for the period July 4, 2005 through October 2,
2005 was 6%, compared to the same period last year.
According to Daniel Vukovich, Chief Operating Officer, the Pizza Pizza
business continues to demonstrate growth. "Same store sales growth continues
to increase thanks in large part to our relentless commitment to quality, our
diverse menu selection and our ability to meet the evolving demands of our
customers. We are very pleased to be able to pass this success on to our
unitholders with this increase in our distribution."
Royalties paid to the Fund will be adjusted annually to include the
franchise revenues of the new Pizza Pizza restaurants opened prior to
September 1, of each year.
The Fund is a limited purpose, open-ended trust established under the
laws of Ontario to acquire indirectly certain trademarks and trade names used
by Pizza Pizza Limited ("PPL") in its Pizza Pizza restaurants in Canada. The
trademarks are licensed to PPL for 99 years for which PPL pays the Fund 6% of
system sales of its 500 Pizza Pizza restaurants in Canada as at March 13,
2005.
Pizza Pizza is one of Canada's most popular and successful pizza
restaurant operations, which together with its franchisees and licensees
employ 4,200 full and part-time people at locations in Ontario, Quebec and
Western Canada. The company is guided by a mission to provide the "best food,
made especially for you" and a focus on quality ingredients, customer service,
community contribution and continual innovation.
The Trustees of the Fund have approved the contents of this news release.
Pizza Pizza's trust units are listed on the Toronto Stock Exchange
(PZA.UN).
For further information, please visit www.pizzapizzaroyaltyincomefund.com
or www.pizzapizza.ca.
%SEDAR: 00022262EF
