KRL is a premier operator and franchisor of casual steakhouse restaurants and bars in Canada and, through its wholly owned subsidiaries in select markets in the United States. KRL will carry on the business of operating, franchising and growing the chain of restaurants and bars.
KRL currently owns units in a related entity of the Fund. These securities are exchangeable for Fund units and if exchanged would give KRL approximately a 22% interest in the Fund. The number of Fund units that KRL is entitled to receive upon exchange of these securities should increase as new restaurants are added to the royalty pool.