# Exhibit 99

# Granite City Food & Brewery Reports Fourth Quarter and Full Year 2005 Results
and 2006 Year to Date Comparable Sales Growth

# Revenues Increase 26.5% for the 4th Quarter 2005 and 18.1% for the
Full Year 2005, 2006 Year to Date Comparable Sales Up 6.7%

MINNEAPOLIS March 13, 2006
 Granite City Food & Brewery Ltd.(Nasdaq Capital Market: GCFB) today reported the results of operations for
the fourth quarter and year ended December 27, 2005, as well as year to date 2006 comparable restaurant sales increases.
Comparable restaurant sales include restaurants in operation for over 18 months.

For the quarter ended
December 27, 2005, total revenue was $10,094,888 compared to $7,978,012 for the fourth quarter of 2004, an increase of 26.5%.
Comparable restaurants sales decreased (0.1%) in the fourth quarter of 2005 over the fourth quarter of 2004. The Company reported
a net loss of ($1,704,069), or ($0.14) per share, for the quarter ended December 27, 2005, compared to a net loss of ($314,916),
or ($0.04) per share, for the fourth quarter of 2004.

For the fifty-two weeks ended
December 27, 2005, total revenue was $36,204,536 compared to $30,644,691 for the same period last year, an increase of 18.1%.
Comparable restaurants sales decreased (0.7%) for 2005. The Company reported a net loss of ($3,667,367), or ($0.31) per share, for
the year ended December 27, 2005, compared to a net loss of ($1,330,775), or ($0.25) per share, for the prior year.

Our net loss in 2005
was primarily attributable to the pre-opening costs we incurred for the four restaurants we opened from July 2005 through January
2006 and the increased general and administrative expense we incurred as we formed our corporate team from external and internal
candidates. said Steve Wagenheim, Granite City Food & Brewerys President and Chief Executive Officer. We
also made significant investments in 2005 in training and building our restaurant management ranks to support our restaurant
growth plans. Wagenheim added, While G&A is currently high as a percentage of revenue, we believe that this
percentage will decline as we build the top line sales of our company through our planned 6 additional new restaurant openings in
2006 and our expected continued comp sales increases. In short, we believe that the G&A costs we are incurring today will
increase our shareholder value in the long term as we continue to build high volume, strong performing restaurants that are
supported by an experienced and cohesive corporate team.

Commenting on
restaurant-level performance, Wagenheim stated, We continue to be pleased with the performance of our restaurants and we are
especially excited about the 2005 results for our mature restaurants that have been open more than one year and were built under
our prototype model. These mature restaurants  restaurants 4 through 8  delivered a restaurant-level EBITDA* as a
percentage of sales of 17.8% for 2005 which we believe is in the top tier of performance for the casual dining segment. We are
also pleased with the performance of the four new restaurants we opened in the second half of 2005 and early 2006: Wichita, KS,
Eagan, MN and Kansas City, MO in 2005, and in January 2006, Kansas City, KS. As is typical in the casual dining segment, these new
restaurants will take approximately six months of operations for the new management teams to become more accustomed to predicting,
managing and servicing the sales volumes expected at their new restaurants. As such, we are looking forward to our new restaurants
contributing towards our companys overall performance as we move into the spring and summer months.

We are already off to a
solid start for 2006, continued Wagenheim. Year to date comp sales through our first two operating periods of 2006 are
up 6.7%. This comp sales percentage increase is particularly important for our investors and our company as beginning in 2006 we
now have eight restaurants in our comp sales base, whereas at the beginning of 2005 we only had three restaurants in our comp
sales base and those three restaurants were our early stage, non-prototype restaurants.

_________________
*  See Non-GAAP Reconciliations attached to this release.

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Granite City Food &
Brewery Ltd. currently operates twelve Granite City Food & Brewery casual dining restaurants featuring made-from-scratch food
and handcrafted beers. Its broad menu offers traditional and regional foods served in generous portions at reasonable prices,
affording guests an excellent value and great dining experience. Its first Granite City location, in St. Cloud, MN, opened in June
1999. Subsequently, the Company opened restaurants in Sioux Falls, SD, Fargo, ND, West Des Moines, IA, Cedar Rapids, IA,
Davenport, IA, Lincoln, NE, Maple Grove, MN, Wichita, KS, Eagan, MN, Kansas City, MO, and Kansas City, KS. A thirteenth location
in Olathe, KS is scheduled to open within 60 days.

Safe Harbor and Non-GAAP Financial Measurements

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, changes in consumer preferences or discretionary consumer spending, a significant change in the performance
of any existing restaurants, the ability to obtain financing for, and complete construction of, additional restaurants at
acceptable costs, our ability to implement and execute Fermentus Interruptus and the risks and uncertainties described in the
Companys Current Report on Form 8-K filed with the Securities and Exchange Commission on November 17, 2005.

Finally, this press release
contains certain non-GAAP financial measures, including references to company-wide EBITDA and restaurant-level EBITDA. As compared
to the nearest GAAP measurement for our company, company-wide EBITDA represents net loss with the add-back of net interest
expense, income tax expense and depreciation and amortization. As compared to the nearest GAAP measurement for our company,
restaurant-level EBITDA represents net loss with the add-back of net interest expense, income tax expense, depreciation and
amortization, general and administrative expenses, and pre-opening costs. Alternatively, restaurant-level EBITDA can be calculated
as restaurant revenues less all restaurant-level cost of sales. We use company-wide and restaurant-level EBITDA, as well as EBITDA
as a percentage of revenue, as internal measurements of both company-wide performance and restaurant-level operating performance.
Company-wide EBITDA and restaurant-level EBITDA as we define them may not be comparable to similar measurements used by other
companies and are not measures of performance or liquidity presented in accordance with GAAP. These non-GAAP measurements should
not be used as a substitute for net loss, net cash provided by or used in operations or other financial data prepared in
accordance with GAAP. A reconciliation of company-wide EBITDA and restaurant-level EBITDA to our net loss for the year ended 2005
is provided herein. Furthermore, in order to provide a supplemental comparison of results of operations to prior periods, we have
included certain adjusted financial measures. In particular we have presented various financial metrics for early stage
restaurants (meaning our first through third locations), mature restaurants open more than one year (meaning our fourth through
eighth locations), and new restaurants open less than one year (meaning our restaurants ninth through eleventh locations). The
contributions of these groups of restaurants to company-wide performance are set forth herein.

Financial statements follow

Non-GAAP Reconciliations follow

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|                                                   | Thirteen Weeks Ended |  | Fifty-two Weeks Ended
|-------------------------------------------------- | -------------------- |  | ---------------------
|
|Restaurant revenues                                |                      |  | $                    
|                                                   |                      |  |                      
|                                                  
|Cost of sales:                                     |                      | 
|Food, beverage and retail                          |                      |  |                      
|Labor                                              |                      |  |                      
|Direct and occupancy                               |                      |  |                      
|                                                   |                      |  |                      
|Total cost of sales                                |                      |  |                      
|                                                  
|Pre-opening                                        |                      |  |                      
|General and administrative                         |                      |  |                      
|Depreciation and amortization                      |                      |  |                      
|                                                   |                      |  |                      
|                                                  
|Operating income (loss)                            |                      |  |                      
|                                                   |                      |  |                      
|                                                  
|Interest:                                         
|Income                                             |                      |  |                      
|Expense                                            |                      |  |                      
|Other expense, net                                 |                      |  |                      
|                                                   |                      |  |                      
|Net other expense                                  |                      |  |                      
|                                                   |                      |  |                      
|                                                  
|Net income (loss)                                  |                      |  |                      
|Less preferred stock dividends declared            |                      |  |                      
|                                                   |                      |  |                      
|Net income (loss) available to common shareholders |                      |  | $                    
|                                                   |                      |  |                      
|                                                  
|                                                  
|Income (loss) per common share, basic              |                      |  | $                    
|                                                   |                      |  |                      
|                                                  
|Income (loss) per common share, diluted            |                      |  | $                    
|                                                   |                      |  |                      
|                                                  
|Weighted average shares outstanding, basic         |                      |  |                      
|                                                   |                      |  |                      
|                                                  
|Weighted average shares outstanding, diluted       |                      |  |                      
|                                                   |                      |  |                      

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|                              | Thirteen Weeks Ended |  | Fifty-two Weeks Ended
|----------------------------- | -------------------- |  | ---------------------
|
|Restaurant revenues           |                      |  |                      
|                             
|Cost of sales:                |                      | 
|Food, beverage and retail     |                      |  |                      
|Labor                         |                      |  |                      
|Direct and occupancy          |                      |  |                      
|                              |                      |  |                      
|Total cost of sales           |                      |  |                      
|                             
|Pre-opening                   |                      |  |                      
|General and administrative    |                      |  |                      
|Depreciation and amortization |                      |  |                      
|                             
|Operating income (loss)       |                      |  |                      
|                             
|Interest:                    
|Income                        |                      |  |                      
|Expense                       |                      |  |                      
|Other expense, net            |                      |  |                      
|                              |                      |  |                      
|Net other expense             |                      |  |                      
|                              |                      |  |                      
|                             
|Net income (loss)             |                      |  |                      
|                              |                      |  |                      

# Balance Sheet Data December 27, 2005:

| | Cash                          |  |  | $ | 9,836,231  | 
| | ----------------------------- |  |  | - | ---------- | 
| | Current assets including cash |  |  | $ | 10,298,371 | 
| | Total assets                  |  |  | $ | 44,482,590 | 
| | Current liabilities           |  |  | $ | 5,161,814  | 
| | Total liabilities             |  |  | $ | 27,129,082 | 
| | Shareholders equity          |  |  | $ | 17,353,508 | 

|Contact: |  | Daniel H. BauerChief Financial Officer(952) 215-0660
|-------- |  | ----------------------------------------------------

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# GRANITE CITY FOOD & BREWERY LTD.
NON-GAAP RECONCILIATIONS
2005 FULL YEAR RESULTS

|                          | Mature Units |  | New Units
|------------------------- | ------------ |  | ---------
|
|Restaurant revenues       |              |  | $        
|                         
|Cost of sales:            |              | 
|Food, beverage and retail |              |  |          
|Labor                     |              |  |          
|Direct and occupancy      |              |  |          
|                          |              |  |          
|Total cost of sales       |              |  |          
|                         
|                          |              |  |          
|Restaurant EBITDA*        |              |  | $        
|                          |              |  |          
|Restaurant EBITDA%*       |              |  |          

|Pre-opening                     |  |  |  | 840,059    |  
|------------------------------- |  |  |  | ---------- | -
|General and administrative      |  |  |  | 4,968,197  |  
|                                |  | 
|                               
|Company-wide EBITDA*            |  |  |  | (128,070   | )
|                               
|Depreciation and amortization   |  |  |  | 2,148,213  |  
|                                |  | 
|                               
|Operating Loss                  |  |  |  | (2,276,283 | )
|                               
|Interest:                       |  | 
|Income                          |  |  |  | (122,350   | )
|Expense                         |  |  |  | 1,445,479  |  
|Other expense, net              |  |  |  | 67,955     |  
|                                |  | 
|Net other expense               |  |  |  | 1,391,084  |  
|                                |  | 
|                               
|Net loss as reported under GAAP |  |  |  | (3,667,367 | )
|                                |  | 

_________________
*  See accompanying disclosure regarding use of non-GAAP financial measures.

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