Pyramid Breweries Inc. (Nasdaq:PMID - news), today announced that Wayne Drury has been appointed Chief Financial Officer and Vice President of Finance and Administration, effective July 17, 2000.

Drury, who will be based in Seattle, is filling a position that has been vacant since April of this year.

"We have been searching for a top-flight financial executive to help us execute our growth strategy. Wayne has an outstanding background, and we are very excited to have him joining the Pyramid team," stated Martin Kelly, President and Chief Executive Officer. "Wayne has over 25 years of financial experience, including more than 15 years in the restaurant industry. In addition to his extensive background in accounting and finance, he brings significant experience in mergers and acquisitions, public and private company financing, as well as banking and investor relations."

Drury comes to Pyramid from Azteca Restaurant Enterprises, a Seattle based company with 31 company owned and licensed locations. As Chief Financial Officer at Azteca, Drury was responsible for all finance, banking, acquisitions, financial reporting, risk management, tax planning and information systems management at the privately held company. Prior to Azteca, Drury was Chief Financial Officer at Country Harvest Restaurants, a company with $100 million in revenues. In addition, he has held the positions of Corporate Controller at Perkins Family Restaurants and KinderCare, as well as Director of Planning and Analysis at KFC International and Long John Silver's. He began his career as an accountant for Coopers & Lybrand. Drury earned both a BS in Accounting and a MBA from the University of Kentucky.

"Wayne's experience in the restaurant business will be invaluable as we seek to expand the Alehouse Division," said Kelly. "Alehouses will play a pivotal role in developing our future business by creating brand awareness and serving as a focal point for sales and marketing efforts," Kelly added. "We believe this strategy will enhance the 'local status' of our brand, and provide clear differentiation from our competitors."

"Pyramid has tremendous potential, and I am very excited about the demographic fundamentals of the specialty beverage category. It is a great time to be coming on board," noted Drury. "I look forward to helping grow the company, and lending my experience to the development of the Pyramid brand and the expansion of the Alehouse concept. I have been very impressed by the management team at Pyramid, and the commitment of management and the Board to their growth strategy."

Drury joins a new executive team at Pyramid that has taken shape over the last 12 months. Martin Kelly joined the company in August of 1999 as President and COO, and he was elevated to the CEO position in December. Gary McGrath joined Pyramid in November as Vice President of Sales, and Nick Walpert signed on in March of 2000 as VP/COO of the Alehouse Division. In addition, Kurt Dammeier, took over the role of non-executive Chairman of the Board in December of 1999. Pyramid has had six straight quarters of year over year sales growth, and in the first quarter of 2000 reported an 85% increase in EBITDA. Over the last seven months the company has also implemented a share repurchase program and a quarterly dividend (the current dividend yield as of July 11th is 8.8%).

Pyramid Breweries Inc. is one of the leading brewers of specialty, full-flavored beers and sodas, producing a variety of ales and lagers under the Pyramid and Thomas Kemper brand names. The company also brews four styles of old-fashioned sodas under the Thomas Kemper Soda Company label. Pyramid operates two local breweries and restaurants, the Pyramid Brewery & Alehouse in Seattle, Washington and the Pyramid Brewery & Alehouse in Berkeley, California. For more information, visit

Statements concerning future performance, developments or events, concerning development and/or success of new Alehouse locations and any other guidance on future periods, constitute forward-looking statements which are subject to a number of risks and uncertainties that might cause actual events to differ materially from stated expectations.