Prime Restaurants Royalty Income Fund

Prime Restaurants Royalty Income Fund

March 13, 2008 16:30 ET

Prime Restaurants Royalty Income Fund Strengthens Board of TradeMarkCo's Directors

MISSISSAUGA, ONTARIO--(Marketwire - March 13, 2008) - Prime Restaurants Royalty Income Fund (the "Fund") (TSX:EAT.UN) announced today that Mr. Kenneth W. Purdy had joined the Board of Directors of PRC Trademarks Inc. ("TradeMarkCo"), its 66% subsidiary. The number of Directors has also been increased from 5 to 6, with the added member appointed by the Fund.

Mr. Purdy is a seasoned senior executive with an extensive background in the strategic consulting, real estate and capital markets businesses. Currently he is a consultant providing corporate development, strategic consulting, and merger and acquisition services to a number of leading companies. Prior to this he was Vice President, Corporate Development for Innvest Real Estate Investment Trust, and a Case Leader with The Boston Consulting Group. Mr. Purdy received his Masters in Business Administration degree from the Harvard University Graduate School in 1996, and a Bachelor of Mathematics degree from the University of Waterloo in 1988.

"We are very pleased to have Ken Purdy join TradeMarkCo's Board of Directors," commented Douglas Black, Chairman. "His considerable financial and capital markets experience will prove invaluable to the Board and to management."

Prime Restaurants Royalty Income Fund (the "Fund") is a limited purpose trust authorised to issue an unlimited number of Trust Units ("Units") established to invest in PRC Trademarks Inc. ("TradeMarkCo"). The source of revenue for the Fund is through its ownership in, and debt instrument issued by, TradeMarkCo. The Fund receives interest income on the $61,099,000 TradeMarkCo Note based on 11.25% per annum which it distributes to its Unitholders. TradeMarkCo owns certain trade-marks and licenses their use to Prime Restaurants of Canada Inc. ("PRC") which operates and franchises the restaurant and bar business. In return, TradeMarkCo receives royalty income based on 3.25% of gross revenue from the royalty pooled restaurants operated and franchised by PRC.

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