Priszm reorganizes senior management

    Jeff O'Neill resigns

    TORONTO, Oct. 31 /CNW/ - Priszm Income Fund (TSX: QSR.UN) ("Priszm")
today announced that Jeff O'Neill, Chief Executive Officer has advised the
Board of his intention to resign for personal reasons, effective immediately.
Mr. O'Neill joined Priszm in May 2005 and has since served in the positions of
CEO, President and COO.
    "It has been a pleasure to work with such a committed group of people and
together we have tackled many obstacles and have much to be proud of," said
Jeff O'Neill. "The restaurant business is very dynamic and Priszm is well
positioned for a strong future."
    "Jeff has been a key part of our team and I am confident we will continue
to enhance and expand on the initiatives started under his leadership," said
John I. Bitove, Chairman of Priszm Income Fund. "On behalf of the Board, I
would like to thank Jeff for his many contributions. We wish him every success
in his future endeavours."
    The Priszm senior management team will assume provisional leadership
responsibilities, reporting directly to John Bitove Chairman of Priszm Income
Fund effective immediately. The Board has already initiated a search for Mr.
O'Neill's successor.

    About Priszm Income Fund

    Priszm Income Fund (TSX: QSR.UN) hold approximately a 60 per cent
interest in Priszm Limited Partnership, which owns and operates 459 quick
service restaurants in seven provinces across Canada. The KFC, Taco Bell and
Pizza Hut restaurants under Priszm serve 1.5 million customers a week and
employ more than 9,000 people. Currently, 101 locations are multi-branded,
combining two or more of the Fund's restaurant concepts. To find out more
about Priszm Income Fund (TSX: QSR.UN), visit our website at

    %SEDAR: 00019884E

For further information:

For further information: Investors: Trish Moran, (416) 739-2906,; Media: Wilcox Group, (416) 203-6666,

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