TORONTO, Oct. 22 /CNW/ – Pizza Pizza Royalty Income Fund (the “Fund”)

(TSX: PZA.UN) today announced that it will issue its third quarter results via
news release during the morning of Monday, November 12, 2007. A conference
call will be held Monday, November 12, 2007 at 4:30 p.m.

Details of the Conference Call:

Date: Monday, November 12, 2007
Time: 4:30 p.m. EST
Call in number: 416-642-5212 or 1-866-321-6651
Recording call in number: 416-915-1028 or 1-866-244-4494
available until midnight,
Monday, November 26, 2007
Reservation number: 346887

About the Fund, a publicly-traded entity

The Fund is a limited purpose, open-ended trust established under the
laws of Ontario. The Fund, through a subsidiary, has acquired the trademarks
and trade names used in Pizza Pizza and Pizza 73 branded restaurants. The
Pizza Pizza trademarks were licensed to Pizza Pizza Limited in 2005 for 99
years, for which it pays the Fund a royalty equal to 6% of the system sales of
its Pizza Pizza restaurants in the Royalty Pool. Effective July 24, 2007, the
Fund acquired the Pizza 73 trademarks and trade names and licensed them to
Pizza Pizza Limited, for which it pays the Fund a royalty equal to 9% of the
system sales of the 41 Pizza 73 restaurants added to the Royalty Pool. By
adding these 41 Pizza 73 restaurants to the 531 Pizza Pizza restaurants
already in the pool, the Fund's Royalty Pool is 572 restaurants for the
remainder of 2007.
A key attribute of the Fund is that revenues are based on top-line,
system sales of the Royalty Pool restaurants and not on the profitability of
either Pizza Pizza Limited or the restaurants in the Royalty Pool. The success
of the Fund depends primarily on the ability of Pizza Pizza Limited to
maintain and increase system sales of the Royalty Pool and to meet its royalty
The Fund's trust units are listed on the Toronto Stock Exchange under the
symbol PZA.UN.

About Pizza Pizza Limited

Pizza Pizza Limited, a privately-held Canadian corporation, is one of
Canada's most successful operators in the QSR industry. It operates franchised
and corporate restaurants under the brand names Pizza Pizza and Pizza 73. The
Pizza Pizza brand is celebrating its 40th anniversary this year and dominates
the Ontario pizza QSR. The Pizza 73 brand is celebrating its 22nd anniversary
and was recently awarded the distinction of being named one of Canada's "50
Best Managed" companies for 2006. Pizza Pizza Limited is guided by a mission
to provide the "best food, made especially for you" and a focus on quality
ingredients, customer service, community contribution and continual
innovation, especially in offering health-conscious menu choices.

About Pizza 73

Founded in 1985, Pizza 73, with its recognizable phone numbers ending in
"7373", currently has 48 restaurants in its system. Pizza 73 operates in the
take-out and delivery pizza quick service restaurant ("QSR") segment,
principally in the province of Alberta. Pizza 73 currently has four locations
outside of Alberta; three in Saskatchewan and one in British Columbia. Pizza
73 restaurants are not franchised, but instead are owned and operated as
independent businesses. Each restaurant is a corporation equally owned by an
independent owner/operator and Pizza Pizza Limited which will support the
independent owner/operators with new restaurant openings, product development
and supplier arrangements and a centralized marketing program funded by
contributions from each restaurant equal to approximately 8% of Pizza 73
annual sales. The Pizza 73 business also includes two commissaries and a call
centre. Trademarks and other intellectual property used in the restaurant
system are owned by the Fund.

For further information: Curtis Feltner, Chief Financial Officer, Pizza
Pizza Limited, Telephone: (416) 967-1010,; Christine
D'Sylva, Investor Relations, Pizza Pizza Limited, Telephone: (416) 967-1010,; Web:, and or
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