Pizza Pizza Royalty Income Fund Announces August Distribution

    TORONTO, Aug. 14 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")
(TSX: PZA.UN) today announced a cash distribution of $0.0775 per unit for
August 2008. The distribution will be payable to unitholders of record at the
close of business on August 29, 2008, and will be paid on September 15, 2008.

    About the Fund

    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 Limited ("Pizza Pizza") in its Pizza Pizza and Pizza 73 branded
    A key attribute of the Fund is that royalty revenues are 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
    The Fund's trust units are listed on the Toronto Stock Exchange under the
symbol PZA.UN.

    %SEDAR: 00022262EF

For further information:

For further information: Curtis Feltner, Chief Financial Officer, Pizza
Pizza Limited, Telephone: (416) 967-1010,; Christine
D'Sylva, Investor Relations, Pizza Pizza Limited, Telephone: (416) 967-1010,; Web:, and or

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