SIR Royalty Income Fund announces January distribution

    BURLINGTON, ON, Jan. 13 /CNW/ - SIR Royalty Income Fund (TSX: SRV.UN)
("the Fund") today declared a cash distribution of $0.115 per trust unit for
the period December 1, 2008 to December 31, 2008. The distribution will be
payable on January 30, 2009 to unitholders of record at the close of business
on January 22, 2009.

    About SIR Corp.

    SIR is a privately held Canadian corporation that owns and operates a
portfolio of 45 restaurants in Canada. SIR's concept brands include: Jack
Astor's Bar and Grill(R), with 29 locations; Alice Fazooli's!(R), with five
locations; and Canyon Creek Chop House(R), with eight locations. SIR also
operates one-of-a-kind "signature" brands in downtown Toronto, which comprise
the upscale reds(R), Far Niente(R)/FOUR(TM)/ Petit Four(TM), 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 39 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, except as expressly required by
    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,
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. Management is not anticipating an
improvement, in the near future, in economic conditions (particularly as it
relates to the recent unprecedented deterioration of the economic environment
and consumer confidence, which could significantly negatively affect sales and
profit prospects in the near future). Management is not anticipating an
improvement, in the near future, in the availability of credit (particularly
as it relates to the recent disruption of world credit markets, which could
significantly negatively affect sales and profit prospects in the near
future). 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, 2008 Annual Information Form.

    %SEDAR: 00020914E

For further information:

For further information: Peter Fowler, CEO, SIR Corp., Tel: (905)
681-2997; Bruce Wigle, Investor Relations, Tel: (416) 815-0700 ext. 228,

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