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MINNEAPOLIS, March 3, 2003 - Granite City Food & Brewery Ltd. (Nasdaq: GCFB) announced today that it broke ground in West Des Moines, Iowa, where they plan to open their 4th Granite City Food & Brewery® in late July or early August 2003.
"We are very excited to be entering our largest market to date," said Steve Wagenheim, Granite City Food & Brewery's President and CEO. "This gives us an opportunity to further prove the depth of our concept. Our continued expansion in varying sized markets throughout the upper Midwest, affords us an opportunity to increase our Granite City brand recognition."
The Company's developer, The Dunham Company, said Koester Construction is the contractor on the project.
Wagenheim said the Company plans to open two new restaurants this year, including one under contract in Cedar Rapids, Iowa which is scheduled to open in the fall. The Company is currently negotiating several additional sites for their planned expansion 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, 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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