SIR Royalty Income Fund Announces SIR Corp. Management Appointments

BURLINGTON, ON, Jan. 31 /CNW/ - SIR Royalty Income Fund (TSX: SRV.UN) ("the Fund") today announced the following management appointments at SIR Corp. ("SIR"), the operating entity from which the Fund derives distribution income and interest income.

Corey Dalton has been appointed President & Operating Partner of the Canyon Creek Chophouse concept.  Mr. Dalton has played a key role in the development and implementation of the Canyon Creek brand and in this new role he will oversee all aspects of managing these eight restaurants.  Mr. Dalton has been an employee of SIR Corp. for more than 18 years, most recently serving as President & COO.

Bruce Elliot has been appointed President & COO of SIR Corp.  Prior to joining SIR, Bruce was a Partner and Brand Advisor for Level5 Strategic Brand Advisors a boutique brand strategy company focused on driving growth by optimizing a company's business system as their brand.  In addition, Mr. Elliot has held senior positions with Second Cup and Labatt Breweries of Canada.  In this new capacity, Bruce will oversee the operations and management of all of SIR Corp.'s operations.

Both appointments are effective February 1, 2011.  Mr. Elliot will be based out of the SIR Corp. Support Centre in Burlington, Ontario. 

"I am pleased with these appointments," said Peter Fowler, Chief Executive Officer, SIR Corp.  "Both individuals are tremendous businessmen who have and will strengthen SIR Corp.'s ability to execute on its strategic plan and assist in helping SIR Corp. to strive to be the best."

About SIR Corp.
SIR is a privately held Canadian corporation that owns and operates a portfolio of 46 restaurants in Canada. SIR's concept brands include: Jack Astor's Bar and Grill®, with 30 locations; Alice Fazooli's!® , with five locations; and Canyon Creek Chop House® , with eight locations. SIR also operates one-of-a-kind "signature" brands in downtown Toronto, which comprise the upscale reds® , Far Niente® /FOUR™/ Petit Four™, and the Loose Moose Tap & Grill® . 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 46 restaurants currently included in the Royalty pool. For more information on SIR Corp. or the SIR Royalty Income Fund, please visit www.sircorp.com.

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, except as expressly required by law. 

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 general industry conditions, general levels of economic activity (including in downtown Toronto), regulations (including those regarding employees, food safety, tobacco and alcohol), weather, taxes, foreign exchange rates and interest rates, that there will be no pandemics or other material 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. These assumptions, although considered reasonable by Management at the time of preparation, may prove to be incorrect.  For more information concerning the Fund's risks and uncertainties, please refer to the Fund's periodic interim filings, and/or its March 31, 2010 Annual Information Form.

SOURCE SIR Royalty Income Fund

For further information:

Jeff Good
Chief Financial Officer
SIR Corp.
Tel: 905-681-2997
          Lawrence Chamberlain
Investor Relations
Tel: 416-815-0700 ext. 257
Email: lchamberlain@equicomgroup.com


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