01:48:57 EDT Fri 20 Sep 2019
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Boston Pizza Royalties Income Fund
Symbol C : BPF.UN
Shares Issued 21,886,063
Close 2018-11-30 C$ 16.31
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Boston Pizza Int'l's Bews to step down as CFO Dec. 31

2018-11-30 17:21 ET - News Release

Mr. Jordan Holm reports


Wes Bews will step down as chief financial officer of Boston Pizza Royalties Income Fund's Boston Pizza International Inc. and will leave the company, effective Dec. 31, 2018, to pursue other interests. In conjunction with this departure, Mr. Bews will also step down as a director and the chief financial officer of Boston Pizza GP Inc., the managing general partner of Boston Pizza Royalties Limited Partnership, administrator of Boston Pizza Royalties Income Fund.

Mr. Bews joined T & M Management Services Ltd., a predecessor of BPI, in 2008 and has been the CFO of BPI and a director and the CFO of Boston Pizza GP since 2010.

"Wes made significant contributions to BPI and the fund during his 11 years with Boston Pizza, including: overseeing strong sales and profitability growth at BPI, leading the business technology group through some major projects, effecting several normal course issuer bids for the fund that have proven to be accretive to unitholders, and playing a key role in the accretive transaction completed by the fund and BPI in 2015, where the fund effectively increased its interest in franchise sales of Boston Pizza restaurants in the fund's royalty pool by 1.5 per cent from 4.0 per cent to 5.5 per cent," said BPI president, Jordan Holm. "I want to thank Wes for his dedication and service and wish him the best in his future endeavours."

BPI will immediately initiate a search for Mr. Bews's successor. Until a successor is hired, Robert Kirincic, the vice-president, finance, of Treliving Management Services Ltd. (an affiliate of BPI), who has been extensively involved in the financial reporting of the fund and BPI since 2010, will be appointed on an interim basis as a director and the vice-president, finance, of Boston Pizza GP, and will oversee the financial management, reporting and investor relations functions of the fund. In addition, during such interim period, BPI will continue to utilize its internal accountants and the resources of external advisers to discharge BPI's financial responsibilities.

About Boston Pizza Royalties Income Fund

The fund is a limited-purpose open-ended trust with an excellent record for investors since its initial public offering in 2002. The fund has delivered 18 distribution increases and 196 consecutive monthly distributions totalling $301.8-million or $20.41 per unit. The fund earns revenue based on the franchise system sales of the 391 Boston Pizza restaurants included in the fund's royalty pool.

BPI is Canada's No. 1 casual dining brand with annual gross sales of $1.1-billion serving more than 50 million guests through over 390 mainly franchisee operated restaurants. The Boston Pizza brand has existed for over 50 years since opening its first restaurant in Edmonton, Alta., in 1964.

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