Granite City Food & Brewery Ltd. (OTCQB:GCFB) announced today that its board has determined to deregister its common stock and take the steps necessary to suspend its obligation to file reports under the Securities Exchange Act of 1934. The board determined to take this action as a means of reducing the significant regulatory costs associated with public reporting.
“Following its review of the benefits and costs associated with being publicly traded as a reporting company, the Board concluded that the financial burden of reporting was greater than the benefit of remaining registered,” said Rob Doran, CEO.
Although the company’s common stock will cease to be eligible for quotation on the OTCQB, the company expects that its common stock will be quoted on the OTC Pink − Current Tier. However, there can be no assurance that trading in the company’s common stock will continue on any particular quotation medium.
Upon deregistration, the company plans to continue to provide its shareholders with periodic financial and operational information through the OTC Markets Group website, www.OTCmarkets.com. In addition, the Company intends to file an Annual Report on Form 10-K for the fiscal year ending December 31, 2013 with the U.S. Securities and Exchange Commission.
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 30 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.
James G. Gilbertson, 952-215-0676
Chief Financial Officer