Pizza Pizza's Chief Executive Officer Passes

TORONTO, ONTARIO, Mar 31, 2010 (MARKETWIRE via COMTEX) — It is with great sadness that Pizza Pizza Royalty Income Fund /quotes/comstock/11t!pza.un (CA:PZA.UN 7.30, +0.03, +0.41%) (the “Fund”) and Pizza Pizza Limited (the “Company”) today announced the death of Michael Overs, Chairman, Chief Executive Officer and Founder of the Company.

The Fund’s trustees issued the following statement: “We are greatly saddened by the passing of Michael Overs. He was a visionary leader who built an extremely successful business. He has put into place a long-term strategy and deep management team, in whom we have full confidence.”

Paul Goddard, a Vice President of the Company and Mr. Overs’ son-in-law, has been appointed as acting Chief Executive Officer on an interim basis, and will lead the Company’s management team overseeing day-to-day operations and corporate strategy.

Mr. Goddard commented, “On behalf of the Overs family, I would like to thank our Pizza Pizza and Pizza 73 restaurant partners and employees, and our suppliers and business associates, for their support of the Company and their contribution to Michael’s vision over the past four decades. We look forward to continuing our work together to build on the success the Company has achieved under Michael’s leadership”.

The Fund’s trustees and the management team and employees of the Company extend their condolences to Mr. Overs’ family at this time.

About the Fund, a publicly-traded entity

The Fund is a limited purpose, open-ended trust established under the laws of Ontario. The Fund, indirectly through the Partnership, has acquired the trademarks and trade names used by the Company in its Pizza Pizza and Pizza 73 restaurants.

About Pizza Pizza Limited, a privately-owned, operating company

The Company, a privately-held Canadian corporation, is one of Canada’s most successful operators in the quick service restaurant industry. It operates franchised, owner/operator and corporate restaurants under the brand names Pizza Pizza and Pizza 73. The Pizza Pizza brand celebrated its 40th anniversary in 2007 and dominates the Ontario pizza quick service industry and is expanding nationally. The Pizza 73 brand is celebrating its 24th anniversary in 2009 and operates largely in Alberta. The Company 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.