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Imvescor Restaurant Group Inc.

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PDM Royalties Income Fund announces 2005 Results

reported today its financial results for the year ended December 31, 2005.
Pizza Delight Corporation Ltd. (PDC) achieved same store sales growth of
1.4% for the fourth quarter of 2005 and same store sales growth (SSSG) of 2.1%
for the year. The month of October was slightly negative at -0.4% followed by
positive SSSG each month from November, 2005 to February, 2006.
Total revenues during the year were $8,138,599 compared to $4,087,425 for
the period June 8 to December 31, 2004. Distributable cash for the year was
$1.409 per average unit outstanding compared to actual distributions paid of
$1.355 per unit. The increase was generated by a full year of operations
compared to only a partial year in 2004 compounded with the acquisition of the
Scores Restaurants on August 31, 2005.
System sales for the 248 restaurants included in the royalty pool in 2005
increased to $227.3 million compared to $116.4 for the period June 8 to
December 31, 2004. The growth reflects a first full year of operation versus a
partial year in 2004 plus the addition of the Scores Restaurants for the last
four months of the year.
For the year, SSSG for Mikes was 3.0%, Pizza Delight at 0.9%, and Scores
(for the four months) was 0.3%. As a result of the normal uncertainty
following a change of control, Scores marketing efforts were negligible in
September and October resulting in same stores sales being slightly negative.
We were able to quickly turn around the Scores sales with November and
December being positive 2.2% and 6.3%, respectively.
"The Company made several changes in its management late in the year
which include a new Chief Development Officer for all three Brands, a new
Director of Marketing for Mikes and an internal promotion to the Director of
Marketing role for Pizza Delight. These changes have already started to
generate positive results for the Brands," stated Bernard Imbeault, President
of PDC. "For the first two months of 2006 we are ahead of budget and will
continue to manage all three brands to optimize revenues and leverage the
strength of our combined group. The acquisition of the Scores business is
proving to be a very good transaction with the same store sales growing very
nicely and a substantial interest from potential franchisees for new
In December, 2005 PDC also bought back the area franchising rights to
part of Quebec and we expect this transaction will generate an additional
$1 million in EBITDA in 2006.
On January 1, 2006 the Fund acquired an additional nine restaurants, less
the closure of six underperforming locations, from PDC in consideration of an
additional entitlement equivalent to 167,643 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 $244,000 in royalties.
PDC now holds a 12.2% interest in the Fund.
Complete financial statements are available at www.sedar.com
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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