VANCOUVER, British Columbia, Dec. 01, 2021 (GLOBE NEWSWIRE) -- The Keg Royalties Income Fund (the "Fund") (TSX: KEG.UN) and Keg Restaurants Ltd. ("The Keg" or the "Company") today announced that in June 2022, Mr. David Aisenstat will be stepping back from his operational CEO duties of The Keg, but will remain Chair of The Keg’s Board. At that time Mr. Nick Dean will remain President of The Keg and assume the responsibility for the Company’s day-to-day operations.
Nick Dean joined The Keg in 2019 as President after having acted as a consultant to the Company since 2011. Mr. Dean will continue in his role as President of the Company as part of the Company's succession planning and to ensure the continuity in leadership that are hallmarks of the business.
“Throughout its 50-year history, The Keg has been an iconic brand. The first Keg was opened by George Tidball in North Vancouver in 1971 and quickly became extremely popular as an informal and lively establishment.” said Mr. David Aisenstat, Chair and CEO of The Keg. “Since then, The Keg has continuously evolved and has always remained focused on its food, service, hospitality, and talent. I have no doubt that as we continue to advance The Keg going forward, the depth and strength of The Keg’s longstanding leadership team will ensure that The Keg’s next 50 years will be at least as exciting as its first.” added Mr. Aisenstat. “When I transition from Chair and CEO to Chair in June next year, I will remain excited to continue to provide leadership and advice to The Keg team.”
“When David acquired the business from Whitbread in 1997, he immediately restored its founding principles and then led the Company to phenomenal growth and success.” said Mr. Kip Woodard, Chairman of the Fund. “We would like to thank David for his incredible contributions to The Keg and to the restaurant industry in general. He is a legend amongst his peers and we’re grateful to have him in the Chair role of The Keg for the foreseeable future, providing counsel to the next generation of Keg leaders.”
The Fund (TSX: KEG.UN) is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). In exchange for use of those trademarks, KRL pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the royalty pool.
Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. KRL has been named one of the “50 Best Employers in Canada” for the past seventeen years by Aon Hewitt. For more information on our brand, visit www.kegsteakhouse.com.
This press release may contain certain "forward looking" statements reflecting The Keg Royalties Income Fund's current expectations in the casual dining segment of the restaurant food industry. Investors are cautioned that all forward looking statements involve risks and uncertainties, including those relating to the Keg’s ability to continue to realize historical same store sales growth, changes in market and existing competition, new competitive developments, and potential downturns in economic conditions generally. Additional information on these and other potential factors that could affect the Fund's financial results are detailed in documents filed from time to time with the provincial securities commissions in Canada.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of the prospectus, nor shall there be any sale of the Fund units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state, province or jurisdiction. The Keg Royalties Income Fund units have not been, and will not be registered under the U.S. Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an application for exemption from the registration requirement under U.S. securities laws.
The Trustees of the Fund have approved the contents of this press release.
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