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Imvescor Restaurant Group Inc. (IRG)
Market: CDN Consolidated
$ 1.53
Nov 24, 2014, 5:18 PM EST
Change: 0.02 (1.32%)
Volume: 104,300
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PDM Royalties Income Fund Announces March Cash Distribution

MONCTON, NB, April 12 /CNW/ - PDM Royalties Income Fund (the "Fund")
(TSX: PDM.UN) announced today a cash distribution of $0.12 per unit for the
month of March, 2006, this reflects an annual distribution of $1.44 per unit.
The distribution will be paid to unitholders of record at the close of
business on April 21, 2006 and will be payable on or before April 30, 2006.
The same store sales growth for the first quarter 2006 was strongest at
the Scores brand at 9.8% followed by Pizza Delight at 4.8% and Mikes at -3.6%.
Overall the growth was 1.8%. While results at Mikes were not as expected, the
new Director of Marketing for Mikes, hired in January, responded quickly with
a new television campaign which began airing in late March. This swift and
positive action has resulted in improved sales to begin the second quarter
which management believes will meet or surpass targets. Coupled with
anticipated solid results at Pizza Delight and Mikes, it is also management's
expectation that 2006 estimates will be met.
Royalties paid to the Fund will be adjusted annually to include the
franchise revenues of the new Pizza Delight, Mikes, and Scores restaurants
opened prior to October 2 of each year.

The Fund is a limited purpose open-ended trust established under the laws
of Ontario. The Fund will make monthly distributions of its available cash to
holders of units. The Fund indirectly owns the trade marks and intellectual
property for the Pizza Delight, Mikes, and Scores brands and has licensed them
to Pizza Delight in consideration for a royalty equal to 4% of system sales,
and in the case of Scores, the royalty rate is 6%.

Pizza Delight is a privately owned corporation, headquartered in Moncton,
New Brunswick. It operates franchised and corporate restaurants under the
brand names Pizza Delight(R), Mikes(R), and Scores(R) restaurants. Pizza
Delight(R) operates primarily in Atlantic Canada, where it dominates the
family/mid-scale segment. Mikes(R) and Scores(R) restaurants operate primarily
in Quebec in the family and casual dining segments and the take-out and
delivery segments.
%SEDAR: 00018600E

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