For Immediate Release Toronto Stock Exchange: BPF.UN
BOSTON PIZZA INTERNATIONAL FILES NOTICE OF INTENTION TO SELL UP TO 956,167 UNITS OF BOSTON PIZZA ROYALTIES INCOME FUND
VANCOUVER, BC, (February 14, 2005) - Boston Pizza International Inc. ("BPI") announced today that it has filed with securities regulatory authorities a notice of intention to sell up to 956,167 units of Boston Pizza Royalties Income Fund (TSX: BPF.UN) (the “Fund”). BPI may commence selling these units on or about February 22, 2005.
BPI currently holds securities convertible into 3,377,378 units of the Fund, or 27.90% of the outstanding units of the Fund on a fully diluted basis. Upon completion of the proposed sale there will be 9,684,841 outstanding public Fund units and 12,106,152 outstanding units on a fully diluted basis. BPI will hold securities convertible into 2,421,210 units of the Fund, or a 20% interest in the Fund. BPI has agreed to retain a minimum 20% interest in the Fund until such time as there are 275 Boston Pizza restaurants open and included in the restaurant royalty pool.
The Fund is a limited purpose, open-ended trust established under the laws of British Columbia to acquire indirectly certain trade marks and trade names used by BPI in its Boston Pizza restaurants in Canada. The trade marks are licensed to BPI for 99 years for which BPI pays the Fund 4% of franchise revenues of royalty pooled restaurants. In 2004 there were 177 restaurants in the royalty pool. Effective January 1, 2005 there are 195 royalty pool restaurants.
FOR FURTHER INFORMATION PLEASE CONTACT:
Director, Investor Relations
® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trade-marks and unregistered Canadian trade-marks containing the words "Boston", "BP", and/or "Pizza" are trade-marks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.
© Boston Pizza International Inc. 2005