TORONTO, ONTARIO--(Marketwire - July 21, 2010) -

Attention Business Editors:

Pizza Pizza Royalty Income Fund (the "Fund") (TSX:PZA.UN) today announced a cash distribution of $0.0775 per unit for July 2010. The distribution will be payable to unitholders of record at the close of business on July 30, 2010, and will be paid on August 13, 2010.

About the Fund

The Fund is a limited purpose, open-ended trust established under the laws of Ontario to indirectly acquire the trademarks and trade names used by Pizza Pizza Limited (the "Company") in its Pizza Pizza and Pizza 73 branded restaurants.

A key attribute of the Fund is that royalty revenues are based on top-line, system sales of the Royalty Pool restaurants and not on the profitability of either the Company or the restaurants in the Royalty Pool. The success of the Fund depends primarily on the ability of the Company to maintain and increase system sales of the Royalty Pool and to meet its royalty obligations.

The Fund's trust units are listed on the Toronto Stock Exchange under the symbol PZA.UN.

FOR FURTHER INFORMATION PLEASE CONTACT:

Pizza Pizza Limited
Curtis Feltner
Chief Financial Officer
(416) 967-1010
cfeltner@pizzapizza.ca

or

www.pizzapizzaroyaltyincomefund.com,
www.pizzapizza.ca and www.pizza73.com or www.sedar.com