Vancouver, July 21, 2008 - The Keg Royalties Income Fund (KEG.UN:TSX, the “Fund”) and Keg Restaurants Ltd. today announced revised system sales results for the 13 and 26-week periods ended June 29, 2008 to include the sales of a new franchised restaurant that opened late in the quarter. Royalty Pool Sales and The Keg’s same store sales were not affected by the revision as the new restaurant will not be included in Royalty Pool until January 1, 2009 and the restaurant is not yet comparable.
Keg Restaurants Ltd.’s total system sales for the 13 weeks ended June 29, 2008 were $112.1 million compared to $104.9 million for the 13 weeks ended July 1, 2007, an increase of $7.2 million or 6.9%. For the 26-week period ended June 29, 2008, The Keg’s total system sales were $223.8 million compared to $211.9 million for the 26-week period ended July 1, 2007, an increase of $11.9 million or 5.6%.
Vancouver-based Keg Restaurants Ltd. is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. Keg Restaurants Ltd. continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. The Keg has been named one of the “50 Best Employers in Canada” for the past six years by the Globe and Mail’s Report on Business Magazine. For information on our brand, visit www.kegsteakhouse.com.
This press release may contain or refer to certain "forward looking" statements reflecting the Fund’s business, operations and financial condition. These forward looking statements are based on assumptions that management of the Fund believe to be reasonable. However, investors are cautioned that all forward looking statements involve risks and uncertainties that could cause actual results to differ from those expected or projected, including changes in the foodservice market, competitive developments, potential downturns in economic conditions generally and currency fluctuations. The foregoing list is not exhaustive and additional information on these and other potential factors that could affect the Fund's financial results are detailed in documents filed from time to time with the provincial securities commissions in Canada. The Fund undertakes no obligation to update or revise any forward looking statements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of the prospectus, nor shall there be any sale of the Fund units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state, province or jurisdiction. The Keg Royalties Income Fund units have not been, and will not be registered under the U.S. Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an application for exemption from the registration requirement under U.S. securities laws.
For further information:
Karyn Byrne, Investor Relations Manager
Tel: (416) 646-4960 email@example.com