USA: Granite City Food & Brewery Ltd. announces proceeds from Class A Warrant Exercises

Granite City Food & Brewery Ltd. announced on January 9 that, during the fourth quarter of 2005, it received $1,877,505 in gross proceeds upon the exercise of its Class A Warrants. As of December 30, 2005, the Company had 13,226,526 total outstanding shares of common stock. As previously reported, the Class A Warrants that were sold in the Company's initial public offering in June of 2000, expired by their terms, at 5:00 p.m. (CST) on Thursday, December 15, 2005.

"We are extremely pleased with the additional capital that was generated with the exercise of the Class A Warrants and will put these funds to good use in our new store expansion plans," said the company's President and CEO, Steven J. Wagenheim.

Granite City Food & Brewery Ltd. currently operates eleven Granite City Food & Brewery 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. Subsequently, the Company opened restaurants in Sioux Falls, SD, Fargo, ND, West Des Moines, IA, Cedar Rapids, IA, Davenport, IA, Lincoln, NE, Minneapolis, MN, Wichita, KS, St. Paul, MN, and Kansas City, MO.

The Company's common stock trades on the NASDAQ Capital Market under the symbol "GCFB."

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