Pizza Pizza Royalty Income Fund Announces April Distribution and Strong Quarterly Sales Results



    TORONTO, April 17 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")
(TSX: PZA.UN) today announced a cash distribution of $0.073 per unit for the
month of April, 2007. The distribution will be payable to unitholders of
record at the close of business on April 30, 2007, and will be paid on May 15,
2007.
    Business activities underlying the Fund continued to be solid in the
first quarter ended March 31, 2007 as Pizza Pizza Limited ("Pizza Pizza")
experienced a 5.5% same-store sales growth over the same period last year.
System Sales for the quarter, generated by the restaurants in the Fund's
Royalty Pool, increased by $7 million or 8% to $89.5 million compared to $82.5
for the same quarter in the prior year. The increase in sales reflects the
impact of sales generated by new restaurants in the Royalty Pool and an
increase in same store sales.
    Pizza Pizza's total system sales for the 13 weeks ended April 1, 2007
were $90.8 million compared to $84.5 million for the 13 weeks ended April 2,
2006, an increase of $6.3 million or 7%. The increase in sales is a result of
a 5.5% increase in year-to-date same store sales plus a net of 31 restaurants
added since January 1, 2006.

    About the Fund, a publicly-traded entity

    The Fund is a limited purpose, open-ended trust established under the
laws of Ontario to indirectly acquire the trademarks and trade names used by
Pizza Pizza in its restaurants. The trademarks were licensed to Pizza Pizza in
2005 for 99 years, for which Pizza Pizza pays the Fund a royalty equal to 6%
of the system sales of its Pizza Pizza restaurants in the Royalty Pool. As of
January 1, 2007, there were 531 Pizza Pizza restaurants in the Royalty Pool.
    A key attribute of the Fund is that it is based on top-line, system sales
of the Royalty Pool restaurants and not on the profitability of either Pizza
Pizza or the restaurants in the Royalty Pool. The success of the Fund depends
primarily on the ability of Pizza Pizza to maintain and increase system sales
of the Royalty Pool and to meet its royalty obligations.
    The Fund's trust units are listed on the Toronto Stock Exchange under the
symbol PZA.UN.

    About Pizza Pizza Limited, the privately-owned operating company

    Pizza Pizza Limited, a privately-held Canadian corporation, is one of
Canada's most successful operators in the quick service restaurant industry
and is celebrating its 40th anniversary this year. Founded in 1967, Pizza
Pizza is guided by a mission to provide the "best food, made especially for
you" and a focus on quality ingredients, customer service, community
contribution and continual innovation.

    %SEDAR: 00022262EF




For further information:

For further information: Media: Daniel Vukovich, Chief Operating
Officer, Pizza Pizza Limited, Telephone: (416) 967-1010,
dvukovich@pizzapizza.ca; Investors: Curtis Feltner, Chief Financial Officer,
Pizza Pizza Limited, Telephone: (416) 967-1010, cfeltner@pizzapizza.ca; Web:
www.pizzapizzaroyaltyincomefund.com and www.pizzapizza.ca or www.sedar.com

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PIZZA PIZZA ROYALTY INCOME FUND

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