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. Shareholders Re-elect Board Members

MINNEAPOLIS - November 12, 2001 - Founders Food & Firkins Ltd.(Nasdaq: GCFBU) held its annual meeting Wednesday, November 7, 2001. At that meeting, the shareholders re-elected all board members and passed the other proposals brought forth at the meeting.

During the meeting, Steve Wagenheim, Founders Food & Firkins' President and CEO reported on certain historical financial information including the increase in same store sales for Granite City Food & Brewery. Wagenheim reported the St. Cloud restaurant enjoyed a 1.4% increase in sales during the most recent 10- month period compared to the similar period one year ago. Based upon this historical trend and the scheduled opening of the Company's third restaurant in Fargo, North Dakota on November 20, 2001, management indicated they believe each quarter of 2002 will be profitable.

Wagenheim and Mitchel Wachman, Founders Food & Firkins' CFO, explained that this anticipated profitability may be attained through increases in revenues as more units are added, and through cost reductions at these units. One source of potential cost reductions, they explained, will be from Fermentus Interuptus™. This new brewing process which will be implemented at the Fargo Granite City Food & Brewery as well as any future restaurant-microbreweries, will require less brewing equipment, thereby requiring less space for brewing equipment, which in turn will provide more square footage for additional seating. With the anticipated increase in the number of restaurants in the coming years, Wachman believes the Company also expects to realize additional cost reductions by obtaining discounted national contracts from its major vendors.

Wagenheim said that as Founders Food & Firkins progresses toward 2002, management plans to continue seeking financing for future restaurant locations. Although the Company has met with several potential finance sources, no commitments have yet been obtained.

Founders Food & Firkins Ltd. operates two Granite City Food & Brewery casual dining restaurants featuring on-premise breweries. 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. 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.

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