Boston Pizza International Inc. Declares Dividends
3/21/2006 12:00:00 PM
For Immediate Release Toronto Stock Exchange: BPF.UN
BOSTON PIZZA INTERNATIONAL INC. DECLARES DIVIDENDS
VANCOUVER, BC, (March 21, 2006) - On February 20, 2006, Boston Pizza International Inc. (“BPI”) exchanged 27,826,531 Class B Partnership Units for 1,311,859 units of the Boston Pizza Royalties Income Fund (“Fund”). Following this exchange, BPI sold these units of the Fund resulting in net proceeds to BPI of $21,738,291.
BPI announced today that it has declared dividends in the amount of $9,100,000 to its shareholders of record on March 20, 2006. BPI is a privately held company and licensee of the Boston Pizza trade marks from the Boston Pizza Royalties Limited Partnership (“BPRLP”)
BPI currently holds a 20% interest in the Fund indirectly through its interest in BPRLP. BPI has agreed to retain a minimum 20% interest at least until such time as there are 275 restaurants in the 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. Effective January 1, 2006 there are 226 royalty pool restaurants.
FOR FURTHER INFORMATION PLEASE CONTACT:
Boston Pizza Royalties Income Fund
Jordan Holm - Vice President of 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. 2006