Panda Restaurant Group Set to Wrap up 2003 with 108 New Locations

In the last few weeks of 2003, Panda Restaurant Group, the nation's leader in quality Chinese food service, is opening a new location almost every other day. The company is on track to finish the year with 108 new restaurants, bringing its total to 629 by Dec. 31. With 160 Panda Express sites slated for 2004 and even more aggressive growth plans on the drawing board for '05 and '06, the company is headed to double in size in the next three years.

This year brought two anniversaries for Panda Restaurant Group -- the 30th for Panda Inn, the company's flagship restaurant, and the 20th for Panda Express -- as well as many other landmark accomplishments. The company moved its headquarters to a state-of-the-art support center on 11 acres in Rosemead in the spring. The new facility houses more than 225 employees and showcases architectural features that recognize Panda's heritage, from Feng Shui and bamboo throughout the building to the new street address at 1683 Walnut Road -- in Chinese, 1683 is loosely homonymous with "the road to increasing prosperity."

In 2003, Firecracker Beef and Festival of Shrimp promotions returned to Panda Express menus as highly popular limited-time promotions. A Chef's Celebration of Flavors and Kung Pao Kick were new promotions focusing on special entree selections that experienced tremendous success and may return in 2004. A 24-foot-long mobile kitchen was unveiled in September and debuted at the Los Angeles County Fair; it's the first mobile kitchen unit that has ever been designed especially for wok cooking and is equipped with a built-in rice cooker.

"We have made tremendous strides toward expanding our presence and bringing our delicious food to more and more guests," said Andrew Cherng, founder and chairman. "Our customers know they can count on our fresh, tasty Chinese entrees. As we grow into new areas, neighborhood residents can also trust that we will stay committed to supporting their communities through our Panda Cares program."

Panda Cares is a company-wide initiative through which Panda Restaurant Group has donated thousands of dollars, food and service. This year, the Panda Cares Open Golf Tournament in September raised $300,000 for the United Way of Greater Los Angeles, Childrens Hospital Los Angeles and the Methodist Hospital in Arcadia, Calif. In late October, Panda associates from all over Southern California provided much needed food in response to the wildfires that devastated so many communities. Thousands of hot meals were donated to firefighters, police officers, relief volunteers and evacuees. In Utah, because of the company's support of the Special Olympics of Utah, Panda Express was nominated Sponsor of the Year for the Central Area Special Olympics program. These types of partnerships are indicative of the support given to communities nationwide.

Panda Restaurant Group eagerly anticipates Chinese New Year on Jan. 22, which marks the beginning of the Year of the Monkey. The New Year predictions of success and progress are good signs for the company as their expansion and growth continues. Kung Hay Fat Choy! (Wishing you good fortune!)

About Panda Restaurant Group

With more than 600 restaurant locations nationwide, the privately-held Panda Restaurant Group (www.pandarg.com) operates a successful chain of concepts including Panda Express, Panda Inn and Hibachi-San. This year marks the 20th anniversary of Panda Express and the 30th anniversary of Panda Inn. The company also has a 40 percent ownership stake in FoodBrand, L.L.C, a wholly-owned subsidiary of the Mills Corporation, one of the nation's leading shopping center developers.

Logos, product and company names mentioned are the property of their respective owners.

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