Grill Concepts Announces Results of Special Meeting of Stockholders; Company to Voluntarily Delist Common Stock From NASDAQ


WOODLAND HILLS, Calif., March 17, 2009 (GLOBE NEWSWIRE) -- Following a Special Meeting of Stockholders held earlier today, Grill Concepts, Inc. (Nasdaq:GRIL) today announced the ratification of proposals to amend the company's certificate of incorporation to effect a 1-for-35 reverse stock split, followed immediately by a 35-for-1 forward stock split, as more fully detailed in its proxy statement.

The company has given notice to Nasdaq of its intent to voluntarily delist its common stock and to withdraw the registration of its stock with the Securities and Exchange Commission (SEC).

Grill Concepts intends to file a Form 25 Notification of Removal From Listing with the SEC on or about March 20, 2009. As a result, the company expects that listing of its shares on Nasdaq will be terminated on or about March 18, 2009. After its shares have been delisted from Nasdaq, the company anticipates that its shares will be quoted on the Pink Sheets Electronic OTC Markets quotation service. For more information about this service, please see www.pinksheets.com.

A notice about the company's delisting and deregistration will be available in the Investor Relations section of its website at www.dailygrill.com.

As previously announced, Grill Concepts is taking these steps to avoid the substantial and increasing cost of being an SEC reporting company and of regulatory compliance under the Sarbanes-Oxley Act of 2002, and to focus the company's resources on increasing long-term stockholder value. The company anticipates savings approximating $766,000 on an annual basis as a result of the proposed deregistration and delisting transaction.

Stockholders holding fewer than 35 shares before the reverse stock split was effected will receive a cash payment of $1.50 per share and will no longer be stockholders of the company. Stockholders holding 35 or more shares before the reverse stock split was effected will continue to hold the same number of shares following the completion of the reverse and forward stock split transactions.

About Grill Concepts, Inc.

Grill Concepts owns, manages and licenses upscale casual and fine dining, full service restaurants under two core brand names: The Grill on the Alley and Daily Grill; as well as a newly launched quick casual concept named In Short Order - Daily Grill. The company operates 32 restaurants including seven The Grill on the Alley-branded restaurants in Beverly Hills, Hollywood, San Jose and Westlake Village, California; Chicago, Illinois; Dallas, Texas; and Aventura, Florida; 24 Daily Grill restaurants in California; the Washington, D.C. metropolitan region; Houston and Austin, Texas; Portland, Oregon; Seattle, Washington; Boston, Massachusetts; and Tulsa, Oklahoma; as well as one In Short Order - Daily Grill in Seattle, Washington.

Forward-Looking Statements

This press release may contain forward-looking statements that are being made pursuant to the Private Securities Litigation Reform Act of 1995, which provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information so long as those statements are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the statement. Our forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results, performance or achievements to differ materially from those described or implied in the forward-looking statements. Accordingly, actual results may differ materially from such forward-looking statements. Our forward-looking statements relating to the transactions discussed above are based on our current expectations, assumptions, estimates and projections about the company and involve significant risks and uncertainties, including the many variables that may impact our projected cost savings, variables and risks related to consummation of the transaction, SEC regulatory review of our filings related to the transaction, and the continuing determination of the board of directors and special committee that the transaction is in the best interests of all stockholders. The company assumes no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.


            

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