Granite City Food & Brewery Ltd. (NASDAQ:GCFB) today
announced that it has entered into a stock purchase agreement with
Concept Development Partners LLC (CDP), its controlling shareholder,
pursuant to which CDP will invest an additional $6.5 million in Granite
City in exchange for 3,125,000 shares of Granite City’s common stock.
The transaction is expected to close on or before June 26, 2012.
“Everyone within the Granite City organization has worked extremely hard
over the past year. We are pleased with the results we have achieved and
are even more excited to see our partners at CDP demonstrating their
confidence in us through this additional investment. This new capital
will help to accelerate our growth going forward and we could not be
more pleased,” said Rob Doran, CEO.
About Granite City Food & Brewery
Granite City Food & Brewery Ltd. develops and operates two casual dining
concepts: Granite City Food & Brewery and Cadillac Ranch All American
Bar & Grill. Granite City Food & Brewery is a polished casual American
restaurant that features a great dining experience with affordable,
high-quality menu items prepared from made-from-scratch recipes, served
in generous portions. There is a brewery onsite, serving hand-crafted
and micro brews. Granite City opened its first restaurant in 1999 and is
expanding nationwide; there are currently 27 Granite City restaurants in
13 states. Cadillac Ranch restaurants feature freshly prepared,
authentic, All-American cuisine in a fun, dynamic environment. Its
patrons enjoy a warm, Rock N’ Roll inspired atmosphere, with plenty of
room for friends, music and dancing. The Cadillac Ranch menu is diverse
with offerings ranging from homemade meatloaf to pasta dishes, all
freshly prepared using quality ingredients. The Company purchased its
first Cadillac Ranch in November 2011 and has since purchased five
additional Cadillac Ranch restaurants along with its intellectual
property. The Company currently operates six Cadillac Ranch restaurants
in five states. Additional information about Granite City Food & Brewery
can be found at www.gcfb.com.
Forward-Looking Statements
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 restaurants, our
ability to continue funding our operations and meet our debt service
obligations, and the risks and uncertainties described in our Annual
Report on Form 10-K filed with the Securities and Exchange Commission on
March 23, 2012.
