Our relationship with Granite City Food & Brewery started with raising $6 million in equity capital enabling the company to expand to eight restaurants. This was followed by a second round of financing for $8.5 million, which financed their growth to 25 units.
Granite City Food & Brewery commenced operations in St. Cloud, Minn., in June 1999 and has grown to include 32 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.
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.