Toronto Stock Exchange: BPF.UN
Michael E. Harbinson joins Boston Pizza International Inc. as CFO and will become a Director and CFO of Boston Pizza GP Inc.
VANCOUVER , May 27, 2019 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) and Boston Pizza International Inc. ("BPI") announced today that Michael E. Harbinson joined BPI as its Chief Financial Officer effective immediately. Mr. Harbinson will also be appointed a Director and the Chief Financial Officer of Boston Pizza GP Inc., the managing general partner of Boston Pizza Royalties Limited Partnership, administrator of the Fund, effective July 1, 2019 when Robert Kirincic , the Vice President, Finance of Treliving Management Services Ltd. (an affiliate of BPI), who has been serving as a Director and the Vice President, Finance of Boston Pizza GP Inc. on an interim basis, will step down. The role of Chief Financial Officer at BPI has been vacant since December 31, 2018.
Mr. Harbinson is a seasoned finance professional with over 15 years of experience in progressively senior finance roles at two other large Canadian restaurant operators and has extensive experience working in franchise systems. He holds a Bachelor of Arts (Honours) from Queen's University, a Masters of Business Administration from York University and obtained his Chartered Accountant (now Chartered Professional Accountant) designation in 2001.
"We are excited that Michael joined the Boston Pizza team as our new Chief Financial Officer" said Jordan Holm , BPI's President. "Michael brings extensive financial experience, together with a deep understanding of the Canadian restaurant industry and franchise systems. His knowledge and experience will be invaluable as we move forward in the increasingly competitive casual dining marketplace."
The Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002. Including the April 2019 distribution which is payable on May 31, 2019, the Fund has delivered 18 distribution increases and 202 consecutive monthly distributions totaling $316 .8 million or $21.10 per unit of the Fund. The Fund earns revenue based on the franchise system sales of the 396 Boston Pizza restaurants included in the Fund's royalty pool.
BPI is Canada's number one casual dining brand with annual gross sales of over $1 .1 billion serving more than 50 million guests through 395 mainly franchisee operated restaurants. The Boston Pizza brand has successfully existed for over 50 years since opening its first restaurant in Edmonton, Alberta in 1964. BPI has been recognized as a Platinum Member of Canada's 50 Best Managed Companies and has been a Franchisees' Choice Designation winner for eight consecutive years.
Certain information in this press release constitutes "forward-looking information" that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Fund, Boston Pizza Holdings Trust, Boston Pizza Royalties Limited Partnership, Boston Pizza Holdings Limited Partnership, Boston Pizza Holdings GP Inc., Boston Pizza GP Inc., BPI, Boston Pizza Canada Limited Partnership, Boston Pizza Canada Holdings Inc., Boston Pizza Canada Holdings Partnership, Boston Pizza restaurants, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Fund or management of BPI expects or anticipates will or may occur in the future, including such things as, Mr. Harbinson being appointed as a Director and the President of Boston Pizza GP Inc. on July 1, 2019, Mr. Kirincic stepping down as a Director and the Vice President, Finance of Boston Pizza GP Inc. and Mr. Harbinson's knowledge and experience being invaluable to BPI are forward-looking information. When used in this press release, forward-looking information may include words such as "is expected", "will", "continue" or "to be" and other similar terminology. Risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by the forward-looking information contained herein, relate to (among others) competition, demographic trends, consumer preferences and discretionary spending patterns, business and economic conditions, legislation and regulation, distributable cash and reliance on operating revenues, accounting policies and practices, the results of operations and financial condition of BPI and the Fund, as well as those factors discussed under the heading "Risks and Uncertainties" in the most recent Annual Information Form of the Fund. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release. Except as required by law, the Fund and BPI assume no obligation to update previously disclosed forward-looking information. For a complete list of the risks associated with forward-looking information and our business, please refer to the "Risks and Uncertainties" and "Note Regarding Forward-Looking Information" sections included in the Fund's Management's Discussion and Analysis for the Period available at www.sedar.com and www.bpincomefund.com.
The Trustees of the Fund have approved the contents of this news release.
® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trade-marks and unregistered Canadian trade-marks containing the words "Boston", "BP", and/or "Pizza" are trade-marks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.
SOURCE Boston Pizza Royalties Income Fund
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