Granite City Food & Brewery Ltd. (NASDAQ: GCFB) today
announced that it has received a letter of determination from NASDAQ
confirming that the Company has regained compliance with the applicable
minimum shareholders’ equity rule and is in compliance with all other
applicable requirements for listing on The NASDAQ Capital Market.
Accordingly, NASDAQ has determined to continue the listing of the
Company’s common stock on The NASDAQ Capital Market.
“We are very pleased with NASDAQ's decision. We believe that the
continued listing of our common stock on The NASDAQ Capital Market is in
the best interests of our shareholders and we are pleased to have
completed the equity financing with CDP that enabled us to meet NASDAQ's
shareholders' equity standard,” said Rob Doran, Chief Executive Officer.
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.
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.