NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES BOSTON PIZZA ROYALTIES INCOME FUND FILES FINAL PROSPECTUS
Vancouver, B.C. – Boston Pizza Royalties Income Fund has entered into an underwriting agreement with a syndicate of underwriters led by Scotia Capital Inc. and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Canaccord Capital Corporation, and Raymond James Ltd., for its initial public offering of 7,690,000 units at a price of $10.00 per unit for gross proceeds of $76,900,000. A final prospectus has been filed in all provinces of Canada for this offering. Closing of the offering is anticipated for July 17, 2002, subject to the conditions of the underwriting agreement. Net proceeds of the offering, together with Funds drawn under a new credit facility, will be used to purchase certain trade marks and trade names used by Boston Pizza International Inc. (BPI) in its Boston Pizza restaurants in Canada. The trademarks will be licensed to BPI for 99 years for which BPI will pay the Fund four percent of franchise revenues of its 154 Boston Pizza restaurants in Canada as at April 30, 2002. BPI will retain a 20% interest in the Fund on closing.
Boston Pizza Royalties Income Fund is a limited purpose open-ended trust established under the laws of British Columbia. The Fund will make monthly distribution of its cash to the maximum extent possible. The first distribution date to Unitholders is expected to be on or about August 30, 2002 for the period from closing on July 17, 2002 to July 31, 2002 and is estimated to be $0.042 per Unit for this shortened distribution period. The Toronto Stock Exchange has conditionally approved the listing of the trust units under the symbol ”BPF.UN”, subject to the requirements of the exchange. For more information please contact: Michael Cordoba, President and Chief Operating Officer of Boston Pizza International Inc. Tel: (604) 303-2155.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of the prospectus, nor shall there be any sale of the Units in any state, province, or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province or jurisdiction. The Boston Pizza Royalties Income Fund Units have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United Sates absent registration or an application for exemption from the registration requirements under U.S. securities laws. FOR FURTHER INFORMATION PLEASE CONTACT:
Boston Pizza Royalties Income Fund
Jordan Holm - Vice President of Investor Relations
Tel: 604-303-6083
investorrelations(at)bostonpizza.com
www.bpincomefund.com
® 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. 2002