TORONTO, Dec. 14 /CNW/ - Priszm Income Fund ("Priszm") announced today that it intends to transition the responsibility for KFC Canada marketing back to Yum! Canada, the parent franchisor for KFC, Pizza Hut and Taco Bell in Canada. Since Priszm's inception in 2003, it has directed marketing for promotions and product launches for its restaurants and on behalf of the KFC franchise system in Canada. As part of the revised direction of KFC, Pizza Hut and Taco Bell in Canada under the new leadership of Sabir Sami, it was agreed that KFC Canada's franchisor should take on the role of leading marketing for the system.
"It was unique for Priszm as a franchisee to lead marketing on behalf of the brands," said John Bitove, Executive Chairman of Priszm. "With our renewed focus to upgrade and re-invest in our restaurants, we decided it was in the best interest of Priszm and KFC Canada to transition marketing leadership and costs back to Yum! Canada so Priszm can become even more focused on running great restaurants for our customers."
As part of the transition, Steve Langford will be leaving Priszm as President of the KFC and Taco Bell brands before December 31, 2009. "Steve has been an integral part of our team and we wish him well," said Bitove.
Jim Robertson has been appointed Chief Operating Officer of Priszm and will be responsible for the 444 restaurants that Priszm operates across Canada. Jim joined Priszm nearly three years ago from Tim Hortons and was most recently Vice President Operations at Priszm. "Jim has made a tremendous impact on our organization, elevating the performance of our operations team since the day he arrived," said Bitove. "As we invest in upgrading our restaurants to give our customers a better experience, Jim will continue to hone our operations as we strive to run the best restaurants in Canada."
Priszm recently announced that in addition to its normal maintenance capital and point of sale upgrade programs, it plans to invest more than $15 million in 2010 in upgrading its restaurants as part of the renewal and extension of its franchise agreements with Yum!. The Company continues to evaluate its long term financing and corporate structure options in light of these capital requirements.
About Priszm Income Fund
Priszm Income Fund (TSX: QSR.UN) holds approximately a 60 per cent interest in Priszm Limited Partnership, which owns and operates more than 400 quick service restaurants in seven provinces across Canada. The KFC, Taco Bell and Pizza Hut restaurants under Priszm serve more than 1 million customers a week and employ approximately 7,400 people. Currently, more than 100 locations are multi-branded, combining two or more of the Fund's restaurant concepts.
To find out more about Priszm Income Fund (TSX: QSR.UN), visit our website at http://www.priszm.com.
Certain information in this document may constitute forward-looking statements within the meaning of securities laws that involve known and unknown risks, uncertainties, future expectations and other factors with respect to industry sector performance, business plans, activities, trends and events anticipated by the Priszm Income Fund (the "Company") and which may cause the Company's future performance and results to be materially different from those implied by the forward-looking information. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," or the negative of these terms or other comparable terminology concerning matters that are not historical facts. Forward-looking information is based on certain factors and assumptions regarding, among other things, the number of restaurants, the renewal of the franchise agreement, the industry sector performance, business plans, activities, trends and events anticipated by the Company. Although the Company believes that the assumptions underlying such statements are reasonable, any of the assumptions may prove to be inaccurate and, as a result, the forward-looking information may prove to be incorrect. The forward-looking information, assumptions and statements reflect the views of the Company's management with respect to future events and outcomes as of the date of this document and there should be no expectation that such information will be updated, revised and/or supplemented whether as a result of new information, changing circumstances, future events or other cause. Actual events or outcomes may be materially different and cause the performance of the Company to differ materially from any forward-looking statement.