PDM Royalties Income Fund announces 2007 Results

PDM.DB) (the "Fund") reported today its financial results for the fourth
quarter, 2007 and the year ended December 31, 2007.
    2007 was a significant year for the Fund in terms of growth with total
revenues during the year increasing by 33% to $14.1 million compared to
$10.6 million for 2006. The Fund declared distributions of $1.44 per unit
(2006 = $1.44 per unit).  The revenue increase was generated by a full year of
royalty revenue from the Baton Rouge restaurants combined with the new
restaurants added to the royalty pool on January 1, 2007.
    The Royalty pool sales also enjoyed a large increase, growing by 29% to
$368.3 million compared to $284.5 million for 2006 based on the
261 restaurants (2006 - 251) included in the royalty pool in 2007. The growth
reflects a full year of operations for Baton Rouge restaurants combined with
the new restaurants added to the royalty pool on January 1, 2007.
    On a full-year basis, SSSG was 1.4% (2006 = 1.5%). The Scores brand
performed very well with same store sales increase of 6.3% (2006 = 7.4%);
Pizza Delight was 3.6% (2006 = 4.2%); Mikes was -2.1% (2006 = -3.0%); and
Baton Rouge was 0.7%.
    During the fourth quarter the weather was unusually poor in most markets
in which Imvescor operates. The impact of having to close for part or all of a
Friday or the weekend due to the weather can more than offset the positive
momentum that in many cases was being enjoyed during the first part of the
week. Imvescor Inc. ("Imvescor") incurred a same store sales decrease of -0.5%
for the fourth quarter of 2007 (2006 = 2.8%). For the quarter Pizza Delight
had SSSG of 1.7% (2006 = 6.8%); Scores was -1.1% (2006 = 15.7%); Mikes -1.7%
(2006 = -6.0%); and Baton Rouge was -0.1%.
    On January 1, 2008, the Fund acquired an additional 17 restaurants with
sales estimated at $48.7 million annually, less the closure of
19 underperforming locations with annual sales of $12.4 million which were
removed from the Royalty Pool, resulting in an estimated net increase in
Royalty Pool Sales of $36.3 million annually. As a result of the contribution
of the additional sales to the Royalty Pool, Imvescor's additional entitlement
is equivalent to 1,514,862 Fund units, subject to final adjustment when actual
sales for the new restaurants are confirmed. These net new restaurants are
expected to generate an additional $2.4 million in royalties. Imvescor now
holds a 31.2% interest in the Fund (25.4% on a fully diluted basis).
    The new Oven Fresh Kitchen concept for Pizza Delight and the Trattoria
Mikes concept have started to roll-out across the systems with very positive
franchisee support suggesting the target of 8 to 10 renovations for each in
2008 should be achieved. Baton Rouge is starting to accelerate in new
restaurant development and together with the momentum enjoyed by Scores should
open 15 new locations in 2008.

    Complete financial statements are available at www.sedar.com

    About the Fund

    The Fund is a limited purpose open-ended trust established under the laws
of Ontario. The Fund will make monthly distributions of its available cash to
holders of units. The Fund indirectly owns the trade marks and intellectual
property for the Pizza Delight, Mikes, Scores, and Baton Rouge brands and has
licensed them to Imvescor in consideration for a royalty equal to 4% of system
sales for Pizza Delight and Mikes restaurants, and a royalty rate of 6% for
Scores and Baton Rouge restaurants.
    Imvescor is a privately owned corporation, headquartered in Moncton, New
Brunswick. It operates franchised and corporate restaurants under the brand
names Pizza Delight(R), Mikes(R), Scores(R), and Baton Rouge(R) restaurants.
Pizza Delight(R) operates primarily in Atlantic Canada, where it dominates the
family/mid-scale segment. Mikes(R) and Scores(R) restaurants operate primarily
in Quebec in the family and casual dining segments and the take-out and
delivery segments. Baton Rouge(R) operates in the Province of Quebec and
Ontario in the casual dining segment.

    Forward-Looking Statements

    Certain information regarding the Fund contained herein may constitute
forward-looking statements within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans, expectations,
opinions, forecasts, projections, guidance or other statements that are not
statements of fact. Although the Fund believes that the expectations reflected
in such forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. The Fund cautions that
actual performance will be affected by a number of factors, many of which are
beyond the Fund's control, and that future events and results may vary
substantially from what the Fund currently foresees. Discussion of the various
factors that may affect future results is contained in the annual information
form of the Fund dated March 28, 2008 which is available at www.sedar.com. The
Fund's forward-looking statements are expressly qualified in their entirety by
this cautionary statement.
    %SEDAR: 00018600E

For further information:

For further information: William Lane, CMA, Chief Financial Officer, PDM
Royalties Income Fund, (506) 853-0990, blane@imvescor.ca; Or visit our web
sites: www.pdmfund.ca, www.imvescor.ca, www.pizzadelight.ca, www.mikes.ca,
www.scores.ca or www.batonrougerestaurants.com

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