Granite City Restaurant features a full Bar and Brewery and has a growing amount of Restaurant and Bar locations in Cedar Rapids, Clive, Creve Coeur, Davenport, Eagan, East Peoria, Fargo, Fort Wayne, Kansas City, Lincoln, Madison, Maple Grove, Olathe, Omaha, Orland Park, Rockford, Rogers, Roseville, Sioux Falls, St. Cloud, St. Louis Park, Toledo, West Wichita, Wichita, Indianapolis, and South Bend.

Founders Food & Firkins Ltd. Reports Third Quarter 2001 Results

MINNEAPOLIS, November 1, 2001 - Founders Food & Firkins Ltd.(Nasdaq: GCFBU) today reported the results of operations for the third quarter of 2001.

Revenues for the thirteen-week period ended September 30, 2001 totaled $2,217,228, an increase of 107% when compared to the $1,071,136 recorded for the thirteen weeks ended September 24, 2000. The increase in revenues was due principally to the addition of the Company's second operating unit in Sioux Falls, SD, which opened December 18, 2000. For the quarter, the Company reported a net loss of ($70,628), or ($0.02) per share. During the comparable quarter of 2000, the Company reported net income of $23,321, or $0.01 per share.

For the thirty-nine weeks ended September 30, 2001 total revenue grew 117% to $6,350,143 compared to $2,928,465 for the same period last year. The Company reported a net loss of ($99,122), or ($0.03) per share for the thirty-nine weeks ended September 30, 2001 compared to a net loss of ($22,946), or ($0.01) per share for the same period in 2000.

"We are very pleased with the continuing revenue growth of our stores and are looking forward to additional financial growth with the opening of our newest Granite City in Fargo, North Dakota, which is scheduled for November 20, 2001," said Steve Wagenheim, Founders Food & Firkins' President and CEO. "Although this is our third opening, this one is especially exciting because it will be our first unit to fully utilize our new brewing process, Fermentus Interuptus™. Through this new brewing process, we will transfer an unfermented liquid called wort, from our Sioux Falls location to our Fargo restaurant-microbrewery where fermenting will begin and the brew process will be completed. Fargo is just the beginning for us," said Wagenheim, "because we believe Fermentus Interuptus™ will be a major part of our intended expansion of Granite City Food & Brewery locations within specific targeted markets."

Founders Food & Firkins will hold its Annual Meeting of Shareholders at the Minneapolis Hilton and Towers, 1001 Marquette Avenue, Minneapolis, Minnesota, on November 7, 2001, at 3:30 p.m. local time.

Granite City Food & Brewery provides fresh, high quality, made-to-order food and handcrafted beers, all made on site. Its broad menu offers traditional and regional foods served in generous portions at reasonable prices, affording customers an excellent value and pleasant dining experience. Founders Food & Firkins Ltd. operates two Granite City Food & Brewery casual dining restaurants featuring on-premise breweries. Its first Granite City location, in St. Cloud, MN, opened in late June 1999. Its second location opened in Sioux Falls, SD, on December 18, 2000 and has enjoyed rave reviews from diners and local, regional and national media. Its third location is scheduled to open November 20, 2001 in Fargo, ND.

Certain statements made in this press release of a non-historical nature constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors include, but are not limited to, changes in economic conditions, a significant change in the performance of any existing units, the ability to obtain financing for, and complete construction of, additional restaurants at acceptable costs, our ability to implement and execute the Fermentus Interuptus™ process and the risks and uncertainties described in the Company's Form 10-KSB/A Report as filed for the year ended December 31, 2000 with the Securities and Exchange Commission.

-financial statements follow

GRANITE CITY FOOD & BREWERY LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Thirteen Weeks Ended			Fifty-two Weeks Ended
	September 24, 2000	December 30, 2001		September 24, 2000	December 30, 2001
Restaurant Revenues	$1,071,136	$2,217,228		$2,928,465	$6,350,143
Restaurant Costs:
Food, beverage, & retail	311,405	645,667		866,336	1,882,416
Labor	347,359	732,908		947,649	2,092,168
Direct and Occupancy	194,553	468,424		587,851	1,326,056
Depreciation and amortization	60,020	118,365		179,823	348,935
Total restaurant costs	913,337	1,965,364		2,581,659	5,649,575
Income from Restaurant Operations	157,799	251,864		346,806	700,568
Pre-opening Costs	2,713	18,420		7,163	18,420
General and Administrative	129,793	207,105		268,159	540,048
Operating Income	25,293	26,339		71,484	142,100
Interest:
Income	43,242	4,472		49,718	29,845
Expense	(45,214)	(101,439)		(144,148)	(271,067)
Net interest expense	(1,972)	(96,967)		(94,430)	(241,222)
Net Income (loss)	$23,321	($70,628)		($22,946)	($99,122)
Earning (loss) per common share	$0.01	($0.02)		($0.01)	($0.03)
Earning (loss) per common share, assuming dilution	$0.01	$0.02		$0.01	$0.03
Weighted average shares outstanding	3,807,350	3,807,350		2,694,780	3,807,350
Weighted average shares outstanding, assuming dilution	3,908,432	3,807,350		2,694,780	3,807,350

SELECTED BALANCE SHEET AT SEPTEMBER 30, 2001:

Current Assets	$505,148
Total assets	$8,761,138
Current liabilities	905,282
Total liabilities	5,176,829
Shareholders' equity	3,584,309

CONTACT:
Steven J. Wagenheim
President and Chief Executive Officer
(952) 525-2070 ir (612) 751-3331