|
|
Ground Breaking in West Des Monies, Iowa Scheduled for First Quarter 2003
MINNEAPOLIS, December 5, 2002 - Granite City Food & Brewery Ltd. (Nasdaq: GCFB) which completed its private financing November 27, 2002, announced today that the $5.6 million raised with Aethlon Capital acting as placement agent, will be used to expand the Granite City Food & Brewery® concept to other cities throughout the United States.
"We are very excited about completing this financing," said Steve Wagenheim, Granite City Food & Brewery's President and CEO, "because it gives us the ability to aggressively develop our restaurant expansion and hit the self-funding plateau which will allow us to begin a national rollout. It is extremely satisfying to see our hard work is paying off and that our management team is in place and ready to take our well-received concept across the country."
"With our financing and management in place, we have identified our first expansion site as West Des Moines, Iowa, with new construction beginning shortly after the first of the year," Wagenheim said. He further noted that the company is currently finalizing negotiations on two more Granite City Food & Brewery sites in the Midwest.
Granite City Food & Brewery Ltd. operates three casual dining restaurants featuring made-from-scratch food and handcrafted beers. Its broad menu offers traditional and regional foods served in generous portions at reasonable prices, affording guests an excellent value and great dining experience. Its first Granite City location, in St. Cloud, MN, opened in June 1999. The Company's second location opened in Sioux Falls, SD, in December 2000, and the third location opened in November 2001 in Fargo, ND.
Certain statements made in this press release of a non-historical nature constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors include, but are not limited to, changes in economic conditions, changes in consumer preferences or discretionary consumer spending, a significant change in the performance of any existing units, the ability to obtain financing for, and complete construction of, additional restaurants at acceptable costs, our ability to implement and execute Fermentus Interruptus® and the risks and uncertainties described in the Company's Form 10-KSB Report for the year ended December 30, 2001 as filed with the Securities and Exchange Commission.
CONTACT:
Steven J. Wagenheim
President and Chief Executive Officer
(952) 525-2070 or (612) 751-3331
|
|
