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Boston Pizza International Adds 14 New Restaurants Opened in 2014 to the Royalty Pool of Boston Pizza Royalties Income Fund

January 05, 2015

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN

BOSTON PIZZA INTERNATIONAL ADDS 14 NEW RESTAURANTS OPENED IN 2014 
TO THE ROYALTY POOL OF BOSTON PIZZA ROYALTIES INCOME FUND

VANCOUVER, BC, JANUARY 2, 2015 - Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) and Boston Pizza International Inc. (“BPI”) announced today that effective January 1, 2015, the Fund’s royalty pool (the “Royalty Pool”) has been adjusted to include the royalties from 14 new full service restaurants opened across Canada between January 1, 2014 and December 31, 2014 (the “Period”).  Six full service restaurants were permanently closed during the Period.  With the adjustment for these openings and closures during 2014, the Royalty Pool now includes 366 Boston Pizza restaurants.  This is the thirteenth consecutive annual increase of royalties payable to the Fund. 

The Fund indirectly owns the Boston Pizza trademarks and trade names used by BPI in its Boston Pizza restaurants in Canada.  In 2002, the Fund licensed these trademarks to BPI for 99 years and in return BPI pays the Fund a top line royalty of 4% of franchise revenues of Royalty Pool restaurants.  Annually, the Royalty Pool of Boston Pizza restaurants is adjusted to include the new Boston Pizza restaurants that opened, and to remove Boston Pizza restaurants that permanently closed, in the prior year.

“We are very pleased with the 14 new Boston Pizza restaurants opened in 2014, including eight in Western Canada and six in Ontario. These new locations further strengthen our position as Canada’s number one casual dining brand.” said Mark Pacinda, President and Chief Executive Officer of BPI. “Since the inception of the Fund, 212 net new Boston Pizza restaurants have been added to the Royalty Pool, growing from 154 in 2002 to 366 locations across the country today.”
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