Granite City Signs Letter of Intent with Concept Development Partners

Granite City Food & Brewery Ltd. GCFB today announced that it has entered into a letter of intent with Concept Development Partners, LLC to provide equity financing and facilitate debt financing. DHW Leasing, L.L.C. the Company's major shareholder, is also a party to the letter of intent. The LOI provides that CDP will purchase $9.0 million of newly issued convertible preferred stock of the Company and will arrange for a new $10.0 million debt financing for the Company. In addition to providing capital for the company's growth, the financing will fund the repurchase of 3.0 million shares of outstanding common stock of the company held by DHWL and will result in a change of control of the company.