MONCTON, NB, Jan. 4 /CNW/ – PDM Royalties Income Fund (TSX: PDM.UN) and Pizza Delight Corporation Ltd. are very pleased to announce the appointment of Ron N. Magruder as President and Chief Executive Officer for Pizza Delight Corporation Ltd. and its portfolio of restaurant brands. Founder, current president and CEO Bernard Imbeault will move to the role of Executive Chairman of the Board and remain actively involved in all facets of the company.
Ron Magruder is a 36-year veteran of the restaurant industry holding senior executive positions with such chains as Red Lobster, Olive Garden, Cracker Barrel restaurants in the USA and Cara Operations Limited in the USA and Canada. In 1993, he was the Gold Plate Award winner as industry operator of the year and in 1999, he was chairman of the National Restaurant Association in the USA.
Commenting on the appointment Bernard Imbeault said, “We are delighted to have someone of Ron’s caliber leading Pizza Delight, Mikes, Scores and Baton Rouge during this time of growth and expansion. Ron’s management experience and firsthand knowledge of the food service industry has made him one of the most prominent restaurant executives in North America. I am very pleased that Ron has joined our executive team and I look forward to working with him.”
PDM Royalties Income Fund (the “Fund”) is a limited purpose open-ended trust established under the laws of Ontario. The Fund will make monthly distributions of its available cash to holders of units. The Fund indirectly owns the trade marks and intellectual property for the Pizza Delight(R), Mikes(R), Scores(R) and Baton Rouge(R) brands and has licensed them to Pizza Delight Corporation Ltd. in consideration for a royalty equal to 4% of system sales for Pizza Delight and, and in the case of Scores and Baton Rouge, the royalty rate is 6%.
Pizza Delight is a privately owned corporation, headquartered in Moncton, New Brunswick. It operates franchised and corporate restaurants under the brand names Pizza Delight, Mikes, Scores, and Baton Rouge restaurants. Pizza Delight operates primarily in Atlantic Canada, where it dominates the family/mid-scale segment. Mikes and Scores restaurants operate primarily in Quebec in the family and casual dining segments and the take-out and delivery segments. Baton Rouge has operations in Quebec and Ontario in the high end casual segment.