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
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
| || || || || ||Lawrence Chamberlain|
Tel: 416-815-0700 ext. 257