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Imvescor Restaurant Group Inc.

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PDM Royalties Income Fund announces 2004 Results

reported today its financial results for the period from June 8, 2004 to
December 31, 2004.
Management is pleased with the same store sales growth of 1.4% achieved
for the Pizza Delight and Mikes Restaurants brands for the fourth quarter of
2004 and very pleased with same store sales growth of 3.6% for the year. The
Fund continues to generate cash flow above its distributions providing a very
stable base to build from.
Total revenues during the period were $5,659,647. Operating expenses were
tightly controlled and at $194,260 were in line with expectations. Net
earnings for Unitholders, after non-controlling interest, was $4,044,792 or
$0.80 per unit. Distributions declared for the period were $0.73 ($1.30 on an
annual basis) leaving a small surplus. The Fund has been able to meet its
commitments with out having to use its operating credit. Complete financial
statements are available at www.sedar.com
On January 1, 2005 the Fund acquired an additional six restaurants (net
of closures) from Pizza Delight Corporation Ltd. (PDC) in consideration of an
additional entitlement equivalent to 224,202 Fund units, subject to final
adjustment when actual sales for the new restaurants are confirmed. These net
new restaurants are expected to generate an additional $315,000 in royalties.
PDC now holds a 13.4% interest in the Fund.
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 and Mikes Restaurants brands and has licensed
them to Pizza Delight in consideration for a royalty equal to four percent of
system sales.

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

For additional information on our two brands visit: www.pizzadelight.com
or www.mikes.ca.
%SEDAR: 00018600E

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