Founders Food & Firkins Ltd. (Nasdaq: GCFBU; “Founders”), announced today that is has completed its initial public offering with the sale of 1,000,000 units. The offering was underwritten by R.J. Steichen & Co. Each unit, priced at $4.125, consists of one share of common stock and one redeemable Class A Warrant, which entitles the holder to purchase one share of common stock at a purchase price of $4.00 per share, commencing August 5, 2001.The net proceeds from the offering will be applied to develop restaurants in Sioux Falls, S.D., and Fargo, N.D. Founders operates the Granite City Food & Brewery(TM), a full-service, casual dining restaurant featuring an on-premise brewery. Founders’ first restaurant opened in St. Cloud, Minn. in June 1999. Founders’ current expansion strategy focuses on developing restaurants in smaller metropolitan and regional markets commonly referred to as second tier markets.Granite City provides fresh, high quality, made-to-order food and handcrafted beers, both made on site. Granite City offers a broad menu of traditional and regional foods served in generous portions at reasonable prices, designed to offer customers an excellent value and pleasant dining experience.

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