Not for distribution to U.S. News wire services or dissemination in the U.S.
Vancouver, B.C. – June 7, 2013 – The Keg Royalties Income Fund (KEG.UN:TSX, the “Fund”) today announced that George Tidball has resigned as a Trustee of the Fund and that Tim Kerr has been appointed to the Board of Trustees of the Fund in his place.
Mr. Tidball has served as a Trustee since the Fund’s inception in 2002 and was a member of the Audit Committee throughout that period. “As not only a Trustee but also the original founder of The Keg, George Tidball’s dedication and guidance throughout the past eleven years has been particularly appreciated,” said C.C. Woodward, Chairman of the Fund. “The Board thanks George for his many contributions over many years.”
“Mr. Tidball will be missed, but the Board looks forward to the skills and expertise that Mr. Kerr will bring to the Board and to the oversight of the Fund,” stated Mr. Woodward. Mr. Kerr brings a wealth of experience to the Fund and Board of Trustees. A graduate of UBC and Harvard Business School, he currently runs Springhouse Investment Corporation, a private holding company.
The Fund (TSX – KEG.UN) is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). In exchange for use of those trademarks, Keg Restaurants Ltd pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the royalty pool.
Vancouver-based KRL is the leading operator and franchisor of the steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. KRL has been named one of the “50 Best Employers in Canada” for the past eleven years by Aon Hewitt. For more information on our brand, visit www.kegsteakhouse.com.
This press release may contain certain "forward looking" statements reflecting The Keg Royalties Income Fund's current expectations in the casual dining segment of the restaurant food industry. Investors are cautioned that all forward looking statements involve risks and uncertainties, including those relating to the Keg’s ability to continue to realize historical same store sales growth, changes in market and existing competition, new competitive developments, and potential downturns in economic conditions generally. 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.
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.
The Trustees of the Fund have approved the contents of this press release.
For further information:
Karyn Byrne, MBA
The Keg Royalties Income Fund
Tel: (416) 646-4960