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.
Copyright Business Wire 2013