Aug. 12, 2009 (Business Wire) -- P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB) today announced an agreement to provide debt capital for the early-stage development of True Food Kitchen, a Fox Restaurant concept. The agreement provides for a $10 million loan to develop True Food Kitchen restaurants and can, under certain conditions, be converted by P.F. Chang’s into a majority equity position in True Food Kitchen.
“We have admired the work of Sam Fox and his team for quite some time,” said Bert Vivian, Co-CEO of P.F. Chang’s China Bistro, Inc. “We are pleased to be able to provide capital for the growth of their newest creation.”
Specific terms of the agreement were not disclosed, as the transaction will not have a material impact on the financial condition or prospects of P.F. Chang’s China Bistro, Inc. for the foreseeable future.
About True Food Kitchen
True Food Kitchen, located in Phoenix, Ariz., is an innovative new eatery developed in partnership with Fox Restaurant Concepts and best-selling author Dr. Andrew Weil. Under the guidance of Chef Michael Stebner, True Food Kitchen offers a globally inspired, seasonal menu appealing to anyone seeking a more balanced lifestyle. True Food Kitchen celebrates high quality locally and regionally sourced ingredients to create a pure, simple menu that tastes great while nourishing mind, body and spirit. For more information, visit www.foxrc.com.
About Fox Restaurant Concepts
Fox Restaurant Concepts is a collection of original, thriving boutique restaurants in Arizona, Colorado, Kansas and Texas. Founder Sam Fox ignited the restaurant scene with a single restaurant, Wildflower, in 1998 in his hometown of Tucson, Ariz. Today, the restaurateur heads a dynamic, growing restaurant group encompassing 11 unique concepts across 27 restaurants, with more than 1,300 employees. Fox Restaurant Concepts creates gorgeous, contemporary settings, highly flavorful, fresh, innovative cuisine, and offers attentive, gracious service. For more information, visit www.foxrc.com.
About P.F. Chang's China Bistro, Inc.
P.F. Chang's China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang's China Bistro features a blend of high-quality, traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility.
