Prime Restaurants Inc.

Prime Restaurants Inc.

April 05, 2010 15:02 ET

Prime Restaurants Inc. Announces the Completion of the Conversion of Prime Restaurants Royalty Income Fund to a Corporation

MISSISSAUGA, ONTARIO--(Marketwire - April 5, 2010) - Prime Restaurants Inc. ("Prime") announced today that it has received the requisite regulatory approvals and third-party consents required to complete the reorganization (the "Reorganization") of Prime Restaurants Royalty Income Fund (the "Fund") (TSX:EAT.UN) from an income trust structure into a public corporation named Prime Restaurants Inc. The Reorganization was approved by the Ontario Superior Court of Justice on April 1, 2010.

Effective on the closing of the Reorganization, Prime now directly owns and operates the trade-marks and businesses that were previously held and operated by the Fund, PRC TradeMarks Inc. ("TradeMarkCo") and Prime Restaurants of Canada Inc. ("PRC"). The management, directors and trustees, as applicable, of TradeMarkCo, PRC and the Fund are now the management and directors of Prime.

Pursuant to the Reorganization, unitholders and limited voting unitholders of the Fund received one Class A Limited Voting Share of Prime for each unit held on the effective date. Prime now has 6,546,428 Class A Limited Voting Shares issued and outstanding. Effective April 7, 2010, the Class A Limited Voting Shares of Prime will be listed on the Toronto Stock Exchange under the symbol EAT in substitution for the units of the Fund (symbol EAT.UN) which will be delisted at that time.

About Prime Restaurants Inc.

Prime Restaurants Inc. franchises, owns and operates one of Canada's leading networks of casual dining restaurants and pubs. With such well-respected brands as East Side Mario's, Casey's, Fionn MacCool's, D'Arcy McGee's, Paddy Flaherty's, Tir nan Óg, Pat & Mario's, and the Bier Markt, Prime has been delivering quality, value and a superior guest experience for more than thirty years.

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