Granite City Food & Brewery commenced operations in St. Cloud, Minn., in June 1999 and has grown to include 30 restaurants in 13 states. Granite City Food & Brewery is a polished casual American restaurant featuring fresh, high-quality menu items prepared from made-from-scratch recipes. Granite City is passionate about creating fresh menu items from scratch and uses its patented brewing process to deliver the best brews.
Our ten-year relationship with Granite City Food & Brewery started with raising capital for their expansion plans. We completed a $5.6 million offering in 2002, which enabled the company to expand to eight restaurants. In November of 2004, Aethlon completed another round of financing for $8.5 million, and in May 2008, Aethlon negotiated and structured a long-term development agreement between Granite City and United Properties to build 22 new restaurants between 2009 and 2012.
This represents the second time in our nine-year history that Aethlon has successfully raised growth capital for us. In both cases, we received much more than just funds to expand, we received terrific strategic partners. I attributed Aethlon's vast network of contacts and understanding of 'who to go to' for these successful, but unique funding engagements. Whether it be a PIPE investment or development funding, Aethlon has structured the appropriate financing to meet our stage of growth.