Granite City Food & Brewery Ltd. to Voluntarily Deregister Its Common Stock
November 27 2013 - 4:10PM
Business Wire
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.
Granite City Food & Brewery Ltd.James G. Gilbertson,
952-215-0676Chief Financial Officer
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