SIR Corp. appoints COO Corey Dalton President

    BURLINGTON, ON, Oct. 17 /CNW/ - SIR Corp. ("SIR") and SIR Royalty Income
Fund (TSX: SRV.UN) ("the Fund") today announced that Corey Dalton, Chief
Operating Officer ("COO") of SIR, has been appointed President of SIR. Mr.
Dalton will continue as SIR's COO and Peter Fowler will remain Chief Executive
Officer ("CEO").
    "Corey is a pivotal member of our senior management team and, since his
appointment as COO in 2004, he has played a leading role in the development,
expansion and evolution of our Concept and Signature Restaurants," said Peter
Fowler, CEO of SIR. "He has been instrumental in successfully building our
brands, assembling and leading strong management teams, and driving the
profitable growth of our best-in-class restaurants."
    "While Corey assumes the role of President and guides our day-to-day
operations, I will continue to focus on concept development, strategic
direction, financing and growth initiatives," continued Mr. Fowler.
    Mr. Dalton joined SIR in 1992 and has been a major contributor to the
successful evolution and operations of its restaurants. He was appointed COO
in May 2004, and currently oversees the performance of all SIR restaurants as
well as marketing, purchasing, human resources, information and legal
services. Mr. Dalton has over 28 years of experience in the restaurant
industry and, prior to joining SIR, he held senior management positions with
two major Canadian casual dining restaurant chains.
    Mr. Dalton holds a BSc. Psychology, from McMaster University and a Master
of Business Administration from the Richard Ivey School of Business at the
University of Western Ontario.

    About SIR Corp.

    SIR is a privately held Canadian corporation that owns and operates a
portfolio of more than 40 restaurants in Canada. SIR's concept brands include:
Jack Astor's Bar and Grill(R), with 24 locations; Alice Fazooli's!(R), with
five locations; and Canyon Creek Chop House(R), with seven locations. SIR also
operates one-of-a-kind "signature" brands in downtown Toronto, which comprise
the upscale reds(R), Far Niente(R), Soul of the Vine(R) & Petite Four(TM),
Brasserie Frisco(R) and the Loose Moose Tap & Grill(R). 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 38 restaurants currently included in the Royalty Pool. For more
information on SIR Corp. or the SIR Royalty Income Fund, please visit

    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.
    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 industry conditions, general
levels of economic activity (including in downtown Toronto), regulations
(including regarding employees, food safety, tobacco and alcohol), weather,
taxes, foreign exchange rates and interest rates, that there will be no
pandemics or other 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. For more information concerning the Fund's risks and
uncertainties, please refer to the Fund's periodic interim filings, October,
2004 prospectus and/or its March 30, 2007 Annual Information Form.

    %SEDAR: 00020914E

For further information:

For further information: Corey Dalton, President & COO, SIR Corp.,  Tel:
(905) 681-2997; Bruce Wigle, Investor Relations, Tel: (416) 815-0700 ext. 228,

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