Unilever and P.F. Chang's China Bistro announce Exclusive Licensing Agreement
New Line of Premium Frozen Asian Entrées in Development
Englewood Cliffs, NJ, and Scottsdale, AZ, August 17, 2009– P. F. Chang’s China Bistro, Inc. (NASDAQ: PFCB), known for its high-quality Asian cuisine and dining experience through its restaurants around the United States, and Unilever (NYSE: UL, UN), one of the world’s largest consumer products companies, jointly announced today that the companies have entered into an exclusive licensing agreement to develop a line of frozen Asian entrées for the U.S. under the P.F. Chang’s brand. Terms of the licensing agreement were not disclosed.
“Unilever revolutionized frozen ethnic cuisine in 2005 by introducing consumers to the award-winning taste of Bertolli Frozen Italian Skillet Meals. We are excited by the prospect of doing it again, this time in Asian cuisine, in partnership with P.F. Chang’s,” said John LeBoutillier, Unilever’s senior vice president, Foods U.S. “The opportunity is significant. From research, Asian cuisine ranks only behind Italian among ethnic cuisines for consumers and P.F. Chang’s is their favorite.”
“Our biggest challenge was finding a partner we believed could help us produce a frozen meal that we’d be proud to put our name on, and we’ve found that in Unilever,” said Rick Federico, Chairman and Co-CEO, P. F. Chang’s China Bistro. “This represents a fantastic growth opportunity for our company and allows our brand to reach more people more often. We believe it will complement our core business at the restaurants.”
The companies will work together on the development and launch of the new premium line of frozen Asian-style entrées. A launch date for the new products has not yet been set.
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About P.F. Chang’s
P.F. Chang's China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche:P.F. Chang's China Bistro and Pei Wei Asian Diner. P.F. Chang’s China Bistro owns and operates more than 190 Bistro restaurants across the United States featuring a blend of high-quality, traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting.Each dish on the extensive P.F. Chang’s menu is prepared to order using only the freshest and highest of quality ingredients.For more information, visit www.pfcb.com
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This announcement may contain forward-looking statements, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995. Words such as 'expects', 'anticipates', 'intends', 'believes' or the negative of these terms and other similar expressions of future performance or results, including any financial objectives and their negatives are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including, among others, competitive pricing and activities, consumption levels, costs, the ability to maintain and manage key customer relationships and supply chain sources, currency values, interest rates, the ability to integrate acquisitions and complete planned divestitures, the ability to complete planned restructuring activities, physical risks, environmental risks, the ability to manage regulatory, tax and legal matters and resolve pending matters within current estimates, legislative, fiscal and regulatory developments, political, economic and social conditions in the geographic markets where the Group operates and new or changed priorities of the Boards. Further details of potential risks and uncertainties affecting the Group are described in the Group's filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including the Annual Report & Accounts on Form 20-F. These forward-looking statements speak only as of the date of this announcement. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
P. F. Chang’s Safe Harbor
The statements contained in this press release that are not purely historical are forward-looking statements. The accuracy of these forward-looking statements may be affected by certain risks and uncertainties, including, but not limited to, failure of the Company’s existing or new restaurants to achieve expected results; changes in general economic and political conditions that affect consumer spending; changes in food costs; the financial performance of restaurants concentrated in certain geographic areas; litigation; the Company’s inability to retain key personnel; potential labor shortages that may delay planned openings; changes in government legislation that may increase labor costs; intense competition in the restaurant industry; tax returns that may be subjected to audits and could have material adverse impact; rising insurance costs; the inability to develop and construct the Company’s restaurants within projected budgets and time periods; failure to comply with governmental regulations; changes in how the Company accounts for certain aspects of the its partnership program; the Company’s ability to successfully expand its operations; implementation of new accounting software; and other risks described in the Company’s recent SEC filings.
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