Pyramid Breweries Inc. Announces the Resignation and Appointment of Officers and...

Pyramid Breweries Inc. Announces the Resignation and Appointment of Officers and Directors

SEATTLE--(Business Wire)--
Pyramid Breweries Inc. ("Pyramid"), (NASDAQ:PMID), a wholly owned
subsidiary of Independent Brewers United, Inc., the parent of Magic
Hat Brewing Company & Performing Arts Center, Inc., announced today
the resignation of Scott Barnum, Jurgen Auerbach, Kurt Dammeier, David
Rostov and Scott Svenson as Directors of the Pyramid Board. Such
resignations were pursuant to the Agreement and Plan of Merger, dated
June 27, 2008, by and among Independent Brewers United, PMID Merger
Sub, Inc., Magic Hat and Pyramid (the "Merger Agreement").

Pursuant to the terms of the Merger Agreement, effective August 4,
2008, R. Martin Kelly, Alan S. Newman and Gregory G. Gatta were
appointed to the Pyramid Board. Mr. Kelly was appointed a Class I
director, whose term expires in 2011, Mr. Newman was appointed a Class
II director, whose term expires in 2009, and Mr. Gatta was appointed a
Class III director, whose term expires in 2010. Mr. Kelly and Mr.
Gatta will each be appointed to Pyramid's Audit Committee.

Mr. Kelly currently serves as President, Chief Executive Officer
and a Director of Magic Hat and Independent Brewers United. During
1999-2004, Mr. Kelly was employed by Pyramid as its President; in 2000
he was also appointed Chief Executive Officer, and served as Pyramid's
Chairman from 2001 to 2004.

Mr. Gatta currently serves as a Director of Magic Hat and
Independent Brewers United. Mr. Gatta also currently serves as a
Managing Director & Senior Portfolio Manager of Basso Capital
Management, L.P.

Mr. Newman currently serves as Conductor of Cosmic Symphonies and
a Director of Magic Hat, which he co-founded in 1994. Mr. Newman also
serves as Chief Creative Officer and a Director of Independent Brewers
United.

In addition, Mr. Kelly was appointed Pyramid's Chief Executive
Officer, Eric Peterson was appointed the Chief Financial Officer, and
Alan Newman was appointed the Chief Creative Officer.

Martin Kelly, newly appointed CEO of Pyramid said, "We thank all
of the outgoing Officers and Directors for their dedication and
success in leading Pyramid over the past several years. On behalf of
everyone at Pyramid, we wish each person the best of luck in their
future endeavors."

About Pyramid Breweries Inc.

Pyramid Breweries Inc. is a leading brewer of specialty,
full-flavored beers produced mainly under the Pyramid and
MacTarnahan's brand names. Pyramid's family of unfiltered wheat beers
continues to be honored by beer drinkers and judges, earning the most
craft beer medals in the last decade at the prestigious Great American
Beer Festival. Pyramid owns two alehouse restaurants adjacent to its
full production breweries under the Pyramid Alehouse and MacTarnahan's
Taproom brand names in Berkeley, California and Portland, Oregon,
respectively, and three alehouse restaurants in Walnut Creek and
Sacramento, California and Seattle, Washington. For more information,
visit www.PyramidBrew.com.

Forward-looking statements in this news release are made under the
Safe Harbor provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements could address future
economic performance, restaurant openings, various financial
parameters, or similar matters. By their nature, forward-looking
statements involve risks and uncertainties that could cause actual
results to materially differ from those anticipated in the statements.
The most significant of these uncertainties as regards to Pyramid
Breweries Inc. are described in Pyramid Breweries Inc.'s Form 10-K,
Form 10-Q and Form 8-K reports (including all amendments to those
reports). These risks and uncertainties include successful completion
of the proposed acquisition on a timely basis, the impact of
regulatory review on the proposed acquisition, the ability to achieve
synergies following completion of the proposed acquisition, the impact
of intense competition, changing economic or business conditions, the
price and availability of ingredients and utilities, labor and
insurance costs, increased advertising and marketing costs,
litigation, unfavorable publicity, a lack of suitable locations,
government regulations, a failure to achieve growth objectives, and
other factors and uncertainties discussed from time to time in reports
filed by Pyramid Breweries Inc. with the Securities and Exchange
Commission.

Pyramid Breweries Inc.
R. Martin Kelly, Chief Executive Officer, 206-682-8322

Copyright Business Wire 2008