Granite City Food & Brewery Ltd. (OTCQB: GCFB) announced today that it has been considering several ways in which it might reduce the significant regulatory costs associated with its public reporting status. The Company’s Board of Directors believes that the expense reductions inherent in deregistering its shares may be in the best interests of the Company.
“The Company has been engaged for some time in a study of the benefits and costs associated with being publicly traded as a reporting company,” said Rob Doran, CEO. “In light of the Company’s size, small market capitalization and the thinly-traded market for its stock, the Board may find that the financial burden of reporting is disproportionate to any benefits of maintaining the registered status of the Company’s shares.”
The Company’s Board of Directors has been discussing several considerations relating to the Company’s status as an Exchange Act reporting company, including the potential impact of deregistration on security holders, potential costs savings and other factors. In addition, the Board has determined to seek “no action” relief from the SEC, which would, if granted, enable the Company to voluntarily deregister without filing a Form 10-K for fiscal year 2013.
About the Company
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 29 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 Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission on May 17, 2013.
Contacts:
James G. Gilbertson,
952-215-0676
Chief Financial Officer