MONCTON, Aug. 27 /CNW/ - PDM Royalties Income Fund (the "Fund") (TSX: PDM.UN) announced that James Peterson has been appointed as a Trustee to replace David Hawkins who resigned due to his appointment as a Director of Imvescor Inc.
Brian Flemming, Chairman of the Fund, on behalf of the Fund and the Unitholders, would like to congratulate Mr. Hawkins on his recent appointment and thank him for his valuable service. Mr. Flemming also expressed that "Jim" will be a great asset to the Board with his vast background and knowledge.
Jim Peterson was the Member of Parliament for Willowdale for 23 years and served as Chair of the Finance Committee, Secretary of State for International Financial Institutions and Minister of International Trade. Prior to public life, he taught International Business and Investment at the University of Toronto's Faculty of Law; and undertook major studies for the United Nations Industrial Development Organization.
He earned a B.A. and LL.B. from Western University, an LL.M from Columbia and a D.C.L. from McGill University. Today, he is counsel to Fasken Martineau, with offices in six Canadian cities, Johannesburg and London and serves as Ontario's Lead Negotiator with Quebec on reducing barriers to trade, investment and labour mobility.
PDM Royalties Income Fund (the "Fund") is a limited purpose open-ended trust established under the laws of Ontario. The Fund makes monthly distributions of its available cash to holders of units. The Fund indirectly owns the trade marks and intellectual property for the Pizza Delight (R), Mikes (R), Scores (R), and Baton Rouge (R) brands and has licensed them to Imvescor Inc. in consideration for a royalty equal to 4% of system sales for Pizza Delight and Mikes, and in the case of Scores and Baton Rouge, the royalty rate is 6%.
Imvescor Inc. is a privately owned corporation, headquartered in Moncton, New Brunswick. It operates franchised and corporate restaurants under the brand names Pizza Delight, Mikes, Scores, and Baton Rouge restaurants.
Pizza Delight operates primarily in Atlantic Canada, where it dominates the family/mid-scale segment. Mikes and Scores restaurants operate primarily in Quebec in the family and casual dining segments and the take-out and delivery segments. Baton Rouge has operations in Quebec and Ontario in the high end casual segment.