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Pollo Tropical® Enters into Development Agreement in India

By: Pollo Tropical |  3 Shares     84 Reads

MIAMI - August 7, 2012 - (BUSINESS WIRE) - Pollo Tropical® announced today it has entered into its first franchise development agreement outside the Western Hemisphere – a 10-unit deal to bring the popular quick-casual chain of tropical flame-grilled chicken restaurants to northern India. This marks the brand’s 11th international franchised market, extending its presence beyond the Latin America and Caribbean trade regions.

Delhi-based Paramount Cuisines Pvt. Ltd. committed to open a minimum of 10 Pollo Tropical locations in the National Capital Region, Punjab, Chandigarh, Haryana and Uttar Pradesh between 2013 and 2016. Paramount Cuisines is a subsidiary of Paramount Group, a private ISO 9001:2008-certified company with roots in precision instruments manufacturing. Manjit Singh Saini, Paramount’s CEO, represented the company at a recent signing ceremony at the Pollo Tropical headquarters in Miami, Florida.

Pollo Tropical’s expansion to India is the culmination of a yearlong effort that began with its participation in the U.S. Department of Commerce-sponsored Franchise Trade Mission to India.

“It became apparent very quickly that this was a great fit,” said Marc Mushkin, Senior Vice President of International Development for Pollo Tropical. “Our fresh, marinated grilled chicken is a natural for India, and will enhance our already-strong vegetarian options to expand our appeal. The brand already has years of experience with Indian preferences in its Trinidad franchise, where South Asian immigrants comprise more than 30 percent of the population.”

Due to the potential for growth, Pollo Tropical plans to award franchises in other regions of India, coinciding with the entry of numerous international restaurant brands throughout the country. According to the U.S. Commercial Service, India’s middle class will grow “10-fold by 2025.” Experts predict Delhi’s capital region will be the world’s largest metropolis by that date, and it is regarded as the hub of Indian consumer society – with more than 50 major shopping malls already in operation and dozens under development.

“We traveled all over the world searching for a grilled chicken restaurant chain that would be embraced by our country. As soon as we tasted the flavor of Pollo Tropical, we knew our search was over,” said Paramount CEO Manjit Singh Saini. “We now have a passion for this brand that we will proudly serve to the people of India.”

About Pollo Tropical®

Pollo Tropical®, a part of Fiesta Restaurant Group, Inc., owns and operates 90 locations in the United States (Florida and Georgia) plus three licensed units located on college campuses in Florida. The company has more than 30 international franchised locations in Puerto Rico, the Bahamas, Ecuador, Honduras, Panama, Trinidad, Venezuela, and Costa Rica and has agreements in place for additional franchised units in Guatemala, Aruba, Bonaire, and Curaçao. The first Pollo Tropical restaurant opened in 1988 in Miami, Florida. The unique restaurant concept is known for its fresh, never frozen, open flame grilled chicken, marinated in a proprietary blend of tropical fruit juices and spices, as well as authentic “made from scratch” side dishes. For more information on Pollo Tropical, including menu items and nutritional information as well as information about international franchising, visit online at www.pollotropical.com.

About Fiesta Restaurant Group, Inc.

Fiesta Restaurant Group, Inc. owns, operates and franchises the Pollo Tropical® and Taco Cabana® restaurant brands with 247 company-owned and operated restaurants and 40 franchised restaurants in the U.S., Puerto Rico, the Bahamas, Costa Rica, Ecuador, Honduras, Panama, Trinidad, and Venezuela as of July 1, 2012. The brands specialize in the operation of fast-casual, ethnic restaurants that offer distinct and unique flavors with a broad appeal at a compelling value. Both brands feature made-from-scratch cooking, fresh salsa bars, and drive-thru service and catering. Fiesta Restaurant Group trades on the NASDAQ Global Select Market under the ticker symbol “FRGI” (NASDAQ: FRGI). For more information about Fiesta Restaurant Group, Inc. visit the company's website at www.frgi.com.

Forward-Looking Statements

Except for the historical information contained in this news release, the matters addressed are forward-looking statements. Forward-looking statements, written, oral or otherwise made, represent our expectation or belief concerning future events. Without limiting the foregoing, these statements are often identified by the words “may,” “might,” “believes,” “thinks,” “anticipates,” “plans,” “expects”, “intends” or similar expressions. In addition, expressions of our strategies, intentions or plans, are also forward-looking statements. Such statements reflect management’s current views with respect to future events and are subject to risks and uncertainties, both known and unknown. You are cautioned not to place undue reliance on these forward-looking statements, as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond our control. Investors are referred to the full discussion of risks and uncertainties as included in our filings with the Securities and Exchange Commission.

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Contact:

Pollo Tropical® Restaurants
Sandra Molina
Director of Marketing
305-671-1225
smolina@pollotropical.com

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