MISSISSAUGA, ON, Feb. 15 /CNW/ - Second Cup Royalty Income Fund (the "Fund") announced that its Board of Trustees approved a cash distribution of $0.0910 per unit for the month of January, 2008 to be paid on February 29, 2008 to unitholders of record at the close of business on February 27, 2008. Second Cup GP Inc. ("GP Inc"), as administrator of the Fund, also announced that Bruce Elliot, a member of the Board of Directors and President of GP Inc. formally resigned from his position as President and Director of GP Inc., effective February 14, 2008. Mr. Elliot also resigned as President of The Second Cup Ltd. ("Second Cup"), effective March 7, 2008. GP Inc. is pleased to announce that Gabriel Tsampalieros, Chairman and Chief Executive Officer of The Second Cup Ltd. ("Second Cup"), has been appointed President and Chief Executive Officer, and as Director, of GP Inc.
"During his tenure with us at Second Cup, Bruce put his strong leadership skills to great use and accomplished much in revitalizing the brand and leading Second Cup to several consecutive years of positive same cafe sales growth," commented Mr. Tsampalieros, "I would like to thank Bruce for his many contributions, passion for and dedication to Second Cup, its colleagues and franchise partners, and wish him all the best in his future endeavours".
Mr. Tsampalieros, who controls Second Cup, directly and indirectly controls approximately 10.1% of the total outstanding units of the Fund.
The Fund is an open-ended trust established under the laws of the Province of Ontario. It holds, through an indirect wholly-owned limited partnership, the Canadian trade-marks and other intellectual property and associated rights used by The Second Cup Ltd. ("Second Cup") in connection with the operation of Second Cup cafes in Canada. For more information on the Second Cup Royalty Income Fund please visit www.secondcupincomefund.com.
Second Cup is Canada's largest specialty coffee cafe franchisor and second largest retailer of specialty coffee, as measured by number of cafes. For further information on Second Cup, visit www.secondcup.com.
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