MONCTON, NB, Nov. 7 /CNW/ - PDM Royalties Income Fund (TSX: PDM.UN) and Imvescor Inc. announced today that David Barlow has been named Chief Operating Officer for Scores Restaurants effective Monday, November 12th, 2007.
Mr. Barlow's past experience includes more than 12 years in the procurement division of CARA Operations where for five years he was Vice President. He also served as Chief Operating Officer of the Harvey's brand from 1998 to 2004. In 2004 he was elected Chairman of the Canadian Restaurant and Food Service Association. Mr. Barlow also ran his own consulting business and most recently was with Janes Family Foods in Mississauga. Imvescor President and Chief Executive Officer, Ron Magruder had this to say when announcing Mr. Barlow's appointment, "David brings a great deal of leadership and management experience to our organization, he is a great addition to our team and we look forward to his leadership and contribution". David Barlow and the Scores team will be based in Mississauga at Imvescor's regional office.
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 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), Scores(R) and Baton Rouge(R) . 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.