Poore Brothers, Panda Express sign licensing agreement
Poore Brothers to develop, manufacture and sell snack food products under the Panda Express(R) brand name.
08/09/05 Poore Brothers, Inc. has announced that it has signed a licensing agreement with Panda Restaurant Group, Inc. for the development, manufacture and sale of snack food products under the Panda Express(R) brand name.
Poore Brothers plans to develop product prototypes in conjunction with Panda Restaurant Group, and thereafter conduct concept, product and consumer tests on a variety of snack food products. Currently, Poore Brothers plans to commence market testing some of these products under the Panda Express(R) brand name during the first half of 2006. The Agreement provides for an initial test market term after which the Company may exercise an option for an additional five years with a renewal term thereafter. Panda Restaurant Group has granted Poore Brothers exclusive Panda Express(R) brand licensing rights for certain salted snack food categories. In addition, the parties have agreed to evaluate having the products sold at Panda Express(R) restaurants nationwide. Other terms of the Agreement were not disclosed.
With facilities in Indiana and Arizona, Poore Brothers is a marketer and manufacturer of Intensely Different(TM) snack foods under a variety of owned or licensed brand names, including T.G.I. Friday's(R), Cinnabon(R), Poore Brothers(R), Bob's Texas Style(R), Boulder Canyon Natural Foods(TM), and Tato Skins(R).
With nearly 750 locations in 36 states, the privately-held Panda Restaurant Group is the world's leader in Chinese quick service restaurants. The successful chain of concepts includes Panda Express, Panda Inn and Hibachi-San. Panda Express is best known for fresh, hot Chinese food, served quickly, and delectable Orange Flavored Chicken, a Panda Express original. In 2003 the company celebrated the 20th anniversary of Panda Express and the 30th anniversary of Panda Inn. Through its "Panda Cares" program, the company is committed to serving the children in its communities by providing food and volunteer services.
