BURLINGTON, ON, Nov. 16 /CNW/ - SIR Corp. ("SIR") and SIR Royalty Income
Fund (TSX: SRV.UN) ("the Fund") today announced that it will close Brasserie
Frisco(R) effective December 22, 2007 and subsequently open a new Jack Astor's
Bar and Grill(R) in the former Brasserie Frisco location.
"After evaluating a range of options, we determined that converting
Brasserie Frisco into a new Jack Astor's is the best use of this prime
downtown Toronto location," said Corey Dalton, President and Chief Operating
Officer of SIR. "The new Jack Astor's will be one of our largest restaurants
in the Greater Toronto Area, and will feature one of the biggest patios in
downtown Toronto. Located in the heart of the Entertainment District, the
restaurant will be ideally situated to draw strong guest counts from the large
crowds that frequent the area."
"We are very sensitive to the impact of this decision on our people,"
continued Mr. Dalton. "SIR is fortunate to have six other restaurants in
downtown Toronto and our goal will be to help our Brasserie team members to
transition to one of our other locations."
Brasserie Frisco will close on December 22, 2007 and the new Jack Astor's
is expected to open in the first half of 2008. Brasserie Frisco will be
treated as a 2007 Closed Restaurant and, in accordance with the License and
Royalty Agreement, on January 1, 2008, the revenue of the closed restaurant
will be netted against the revenue of the new SIR Restaurants opened between
November 1, 2006 and October 30, 2007 to determine the number of Class B GP
units of the partnership, held by SIR, which can be converted into Class A GP
units of the SIR Royalty Limited Partnership effective January 1, 2008.
About SIR Corp.
SIR is a privately held Canadian corporation that owns and operates a
portfolio of more than 40 restaurants in Canada. SIR's concept brands include:
Jack Astor's Bar and Grill(R), with 24 locations; Alice Fazooli's!(R), with
five locations; and Canyon Creek Chop House(R), with seven locations. SIR also
operates one-of-a-kind "signature" brands in downtown Toronto, which comprise
the upscale reds(R), Far Niente(R), Soul of the Vine(R) & Petit Four(TM),
Brasserie Frisco(R) and the Loose Moose Tap & Grill(R). All trademarks related
to the concept and signature brands noted above are used by SIR under a
license agreement with SIR Royalty Limited Partnership in consideration for a
Royalty, payable by SIR to the Partnership, equal to six percent of the
revenue of the 38 restaurants currently included in the Royalty pool. For more
information on SIR Corp. or the SIR Royalty Income Fund, please visit
About SIR Royalty Income Fund
The Fund is a trust governed by the laws of the province of Ontario that
receives distribution income from its investment in the SIR Royalty Limited
Partnership and interest income from the SIR Loan. The Fund intends to pay
distributions to unitholders on a monthly basis
Caution concerning forward-looking statements
Certain statements in this news release may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the
Fund to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. When
used in this document, such statements are such words as "may", "will",
"expect", "believe", "plan", "anticipate", "intend", "estimate" and other
similar terminology. These statements reflect SIR Management's current
expectations regarding future events and operating performance and speak only
as of the date of this document. The Fund and SIR expressly disclaim any
obligation or undertaking to publicly release any updates or revisions to any
forward-looking statements contained herein to reflect any change in
expectations with regard thereto or any changes in events, conditions or
circumstances on which any statement is based.
In formulating the forward-looking statements contained herein,
management has assumed that business and economic conditions affecting SIR's
restaurants and the Fund will continue substantially in the ordinary course,
including without limitation with respect to industry conditions, general
levels of economic activity (including in downtown Toronto), regulations
(including regarding employees, food safety, tobacco and alcohol), weather,
taxes, foreign exchange rates and interest rates, that there will be no
pandemics or other outbreaks of disease or safety issues affecting humans or
animals or food products, and that there will be no unplanned material changes
in its facilities, equipment, customer and employee relations, or credit
arrangements. For more information concerning the Fund's risks and
uncertainties, please refer to the Fund's periodic interim filings, October,
2004 prospectus and/or its March 30, 2007 Annual Information Form.
For further information:
For further information: Peter Fowler, CEO or Corey Dalton, President
and COO, SIR Corp., Tel: (905) 681-2997; Bruce Wigle, Investor Relations, Tel:
(416) 815-0700 ext. 228, Email: firstname.lastname@example.org