Figaro’s Pizza acquires Nick ‘n’ Willy’s

West Vancouver, British Columbia – November 15, 2011 – World Famous Pizza Company Ltd.
(the “Company” or “World Famous”) announces that, subject to shareholder and regulatory approvals,
the Company has entered into a letter of intent dated as of November 7, 2011 (the “LOI”) with Figaro’s
Italian Pizza, Inc. of Salem, Oregon (“Figaro’s”) to sell certain business assets of the Company’s Nick-
N-Willy’s Pizza® franchise, which is owned by the Company’s Colorado subsidiary, Nick-N-Willy’s
Franchise Company, LLC.

Pursuant to the LOI, Figaro’s will pay a purchase price of US$600,000, of which US$400,000 of the
purchase price is payable on closing and US$200,000 is payable in two installments of US$100,000
each on February 25, 2013 and February 25, 2014 (subject to certain adjustments based on the royalties
received by Figaro’s). The sale of the Nick-N-Willy’s Pizza business assets is subject to the completion
of Figaro’s due diligence and obtaining financing, as well as the negotiation and execution of a definitive
purchase and sale agreement. The closing of the transaction is to occur on or before December 28,
2011 (or such later date as may be necessary in order for World Famous to obtain the approval of its
shareholders and the TSX Venture Exchange, or as otherwise mutually agreed upon by the parties).
World Famous is to receive a refundable deposit of $10,000, which will be applied to the purchase price
on closing. Assuming that the proposed transaction with Figaro’s completes as expected, the Company
intends to use the proceeds from the sale of the assets to retire certain debt obligations and to initiate new
business plans for the Company, which plans are presently being developed.

World Famous will seek shareholder approval for the proposed transaction with Figaro’s at its Annual
and Special General Meeting which has been scheduled for December 15, 2011.

About Figaro’s Italian Pizza, Inc.

Figaro’s Italian Pizza, Inc. is a 30 year old pizza industry leader headquartered in Salem, Oregon. The
Company has 71 franchised outlets in 9 U.S. states, Abu Dhabi, Dubai and Cyprus operating as Figaro’s
Pizza. Figaro’s stores, like Nick-N-Willy’s, provide both baked and ‘take and bake’ pizzas of superior
quality. This will be Figaro’s third acquisition in the past five years. In 2006, Figaro’s acquired Sargo’s
Subs, a small chain of sandwich shops. In 2008, Figaro’s acquired Schmizza International, Inc., which
franchises gourmet New York style pizzerias known as Pizza Schmizza. 25 Pizza Schmizza’s are in
operation, concentrated in the Portland, Oregon market