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Construction in West Des Moines, Iowa to begin in February 2003
MINNEAPOLIS, January 15, 2003 - Granite City Food & Brewery Ltd. (Nasdaq: GCFB) announced today that it has entered into a multi-site development agreement with The Dunham Company.
As part of this development agreement, The Dunham Company, which is headquartered in Sioux Falls, South Dakota, will provide assistance in site selection, construction management and financing for new Granite City Food & Brewery® restaurants. The Company will purchase the furniture, fixtures and equipment for the restaurants and will provide for the pre-opening expenses. Granite City Food & Brewery will enter into a leasing arrangement regarding the building, with The Dunham Company.
"We are extremely pleased to be in partnership with Don Dunham because of his proven track record in real estate development," said Steve Wagenheim, Granite City Food & Brewery's President and CEO. "We believe our expertise in the restaurant industry and The Dunham Company's expertise in real estate development is the best combination for the expansion of the Granite City Food & Brewery® concept. This multi-site agreement is an extremely efficient way of utilizing our recently obtained financing, allowing us to maximize the number of restaurants we can open with the monies we have raised."
"We are very excited to be part of Granite City's expansion," said Don Dunham of The Dunham Company. "We are looking forward to a long standing relationship between our companies, and to being part of the national rollout of Granite City Food & Brewery."
Wagenheim said that while continuing to seek several additional sites for their Granite City Food & Brewery restaurants, the company is set to break ground in West Des Moines, Iowa in February 2003 and is currently finalizing negotiations on two additional 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 real estate market, our ability to 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
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