1048620--2/21/2007--GRANITE_CITY_FOOD_&_BREWERY

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Risks Related to Our Business We have a history of losses and no assurance of future profitability We may be unable to fund our significant future capital needs in the long-term and we may need additional funds sooner than anticipated Our business could be materially adversely affected if we are unable to expand in a timely and profitable manner Unanticipated costs or delays in the development or construction of our restaurants could prevent our timely and cost-effective opening of new restaurants We may not be able to manage planned expansion. Our sales growth and profitability could be adversely affected if comparable restaurant sales are less than we expect. You should not rely on past increases in our average restaurant revenues or our comparable restaurant sales as an indication of future operating results because they may fluctuate significantly. We may be unable to recruit, motivate and retain qualified employees. The loss of key personnel could adversely affect our business. We may be unable to successfully compete with other restaurants in our markets. Changes in consumer preferences or discretionary consumer spending could negatively impact our results. Our operations depend upon governmental licenses or permits and we may face liability under dram shop statutes. We may face liability under dram shop statutes Health concerns or negative publicity regarding our restaurants or food products could affect consumer preferences and could negatively impact our results of operations. If our distributors or suppliers do not provide food and beverages to us in a timely fashion, we may experience short-term supply shortages, increased food and beverage costs and quality control problems. We are subject to all of the risks associated with leasing space subject to long-term non-cancelable leases. Compliance with changing regulation of corporate governance, public disclosure and financial accounting standards may result in additional expenses and affect our reported results of We may be exposed to potential risks relating to our internal controls over financial reporting and our ability to have those controls attested to by our independent registered public accounting firm. Because the value of our business depends primarily upon intangible assets, such as our business concept and development strategy, the value of your investment could decrease significantly in the event of liquidation. Increases in state or federal minimum wage or required benefits could negatively impact our operating results. Limitations in our insurance coverage could adversely affect our operations in certain circumstances. Risks Related to our Securities Fluctuations in our operating results may decrease the price of our securities. Shareholders may have difficulty selling our common stock Our existing shareholders have significant control which could reduce your ability to receive a premium for your shares through a change in control. If we do not maintain our NASDAQ listing, you may have difficulty reselling our shares.

Full 10-K form ▸

1048620--2/21/2007--GRANITE_CITY_FOOD_&_BREWERY_LTD